FuelCell stock tumbles after wider-than-expected loss, revenue fell well below forecasts

marketwatch2021-03-16

Shares of FuelCell Energy Inc., tumbled nearly 9% in morning trading Tuesday, after the alternative energy and fuel cell technology company reported a wider-than-expected fiscal first-quarter loss and revenue that fell more than forecast.

The net loss for the quarter to Jan. 31 was $46.8 million, or 15 cents a share, after a loss of $41.1 million, or 20 cents a share, in the year-ago period.

The FactSet consensus for net per-share losses was 4 cents. Total revenue declined 8.5% to $14.88 million, well below the FactSet consensus of $22.11 million.

Service agreements and license revenue fell 12% to $4.9 million, generation revenue dropped 10% to $4.9 million, hurt by a temporary shutdown of several Bridgeport Fuel Cell Project plants, and advanced technologies contract revenue declined 3% to $5.1 million. Backlog decreased 7% to $1.27 billion.

The stock, which has shed 18.8% amid a 3-day losing streak, rallied 33.5% year to date and soared 1,185.3% over the past 12 months, while the S&P 500 SPX, +0.26% has gained 5.8% this year and advanced 66.6% the past year.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
8