FuelCell Q3 Revenue Misses by 15%, Loss Wider Than Expected
FCEL has more than doubled off its 52-week low of $3.81.
Summary
FuelCell Energy reported fiscal Q3 revenue of $33.0 million, down 29% year-over-year and well below the $38.8 million FactSet consensus. The miss was driven by fewer module deliveries to South Korea and the temporary shutdown of the Groton Project at a Navy submarine base for an equipment upgrade. Net loss narrowed to $45.3 million from $92.5 million a year ago, but adjusted EPS of -$0.64 was significantly wider than the -$0.41 analysts expected. Shares fell 9% premarket to $15.49. This follows the company's first data center capacity reservation and a $3.6 billion backlog announced earlier today, but the weak quarterly results and guidance miss are likely to pressure the stock.
At the time of this announcement, FCEL was trading at $15.22 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $3.81 to $37.88. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.