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FuelCell (FCEL) Q2 Loss Wider Than Expected, Revenues Miss

·3 min read

FuelCell Energy, Inc. FCEL incurred second-quarter fiscal 2021 net loss of 6 cents per share, wider than the Zacks Consensus Estimate of a loss of 5 cents. However, it compared favorably with the year-ago loss of 7 cents.

Total Revenues

FuelCell’s total revenues came in at $14 million, missing the Zacks Consensus Estimate of $18.9 million by 26.3%. The top line also declined 26% from $18.9 million in the year-earlier period.

FuelCell Energy, Inc. Price, Consensus and EPS Surprise

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 Details

Service and License: Total revenues were $0.7 million, down 90.5% year over year. This fall was due to no new module exchanges during the reported quarter along with cost estimate adjustments related to changes in the expected timing of future module exchanges.

Generation: Total revenues of $6.2 million improved 33.6% year over year. This rise was owingto higher operating output of the generation fleet portfolio and sales of renewable energy credits.

Advanced Technologies: Total revenues of $7.1 million dipped 2.3% year over year. This decline was due to lower revenues recognized under government contracts.

Highlights of the Release

In the reported quarter, the company incurred a gross loss of $4.8 million against a profit of $0.2 million recorded for second-quarter fiscal 2020.

Total operating expenses rose 52.1% year over year to $12.6 million.

Interest expense for the reported quarter was $1.6 million, down 56.4% from the prior fiscal-year period.

Backlog at the end of second-quarter fiscal 2021 was $1.32 billion, down 1.5% year over year.

Financial Update

Cash and cash equivalents (unrestricted) as of Apr 30, 2021 were $139.1 million compared with $149.9 million on Oct 31, 2020.

Long-term debt and other liabilities as of Apr 30, 2021 were $75.6 million compared with $150.7 million on Oct 31, 2020.

Zacks Rank

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

Upcoming Releases

Ameresco, Inc. AMRC is expected to report second-quarter 2021 results on Aug 2, 2021. The Zacks Consensus Estimate for earnings is pegged at 25 cents per share.

Evergy Inc. EVRG is expected to release second-quarter 2021 earnings performance on Aug 4, 2021. The Zacks Consensus Estimate for earnings is pegged at 84 cents per share.

Clearway Energy Inc. CWEN is expected to report second-quarter 2021 earnings on Aug 5, 2021. The Zacks Consensus Estimate for earnings stands at 43 cents per share.

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