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FuelCell Energy (FCEL) Posts Narrower-Than-Expected Q3 Loss

Zacks Equity Research

FuelCell Energy, Inc. FCEL incurred third-quarter fiscal 2019 adjusted loss of 18 cents per share, narrower than the Zacks Consensus Estimate of a loss of $1.15 per share.

Total Revenues

Adjusted revenues of $22.7 million surpassed the Zacks Consensus Estimate of $8 million by 187.5%. The top line also improved 87.5% from the prior-year quarter’s figure of $12.1 million. The upside can be attributed to the ExxonMobil XOM license agreement and an increase in Generation revenues related to the Bridgeport Fuel Cell Project.

In May, the company acquired the 14.9-megawatt Bridgeport fuel cell project from Dominion Energy D.

FuelCell Energy, Inc. Price, Consensus and EPS Surprise

 

FuelCell Energy, Inc. Price, Consensus and EPS Surprise

FuelCell Energy, Inc. price-consensus-eps-surprise-chart | FuelCell Energy, Inc. Quote

 

Segmental Performance

There was no Product revenues during the three months ended July 31, 2019. However, product revenues for the three months ended in July 31, 2018 were $1.3 million.

Revenues in the Service and License segment surged 107.2% from the prior-year quarter’s tally to $11.5 million.

Revenues in the Generation segment rocketed 221.4% from the prior-year quarter’s figure to $5.4 million.

Revenues in the Advanced Technologies segment rallied 63% from the year-ago quarter’s level to $5.8 million.

Highlights of the Release

Total operating expenses fell 27.2% year over year to $9 million. The decline was caused by reduction in spending that stemmed from the company’s restructuring initiatives and resources allocated to Advanced Technologies projects.

Interest expenses came in at $3.5 million, up 45.3% from $2.4 million in the year-ago quarter.

As of Jul 31, 2019, total backlog was $2.1 billion compared with $1.9 billion as of Jul 31, 2018.

Financial Position

FuelCell Energy had cash and cash equivalents of $16 million as of Jul 3 compared with $39.3 million on Oct 31, 2018.

Long-term debt was $79.7 million as of Jul 31compared with $71.6 million as on Oct 31, 2018.

Zacks Rank

FuelCell Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Release

Plug Power PLUG reported a loss of 8 cents in the second quarter of 2019, which is narrower than the Zacks Consensus Estimate of a loss of 10 cents.

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