FuelCell Energy, Inc. (FCEL - Free Report) incurred third-quarter fiscal 2020 operating loss of 7 cents per share, wider than the Zacks Consensus Estimate of a loss of 6 cents. However, the figure was narrower than the year-ago loss of 18 cents per share.
FuelCell’s total revenues came in at $18.7 million, beating the Zacks Consensus Estimate of $13.4 million by 39.6%. However, the same decreased 18% from $22.7 million in the year-earlier period.
Service and License: Total revenues were $7.1 million, down 38% year over year.
Generation: Total revenues were $4.7 million, which declined 13% year over year. The decrease was due to plant maintenance activities, primarily related to downtime while upgrades were performed at the Bridgeport Fuel Cell facility.
Advanced Technologies: Total revenues of $6.9 million rose 20% year over year. This improvement was owing to the joint development agreement with ExxonMobil (XOM - Free Report) during first-quarter fiscal 2020 for enhancing the carbon capture fuel cell technology and the apt timing of activity under other existing contracts.
Highlights of the Release
In the reported quarter, the company incurred a gross loss of $3.1 million against a profit of $8 million in third-quarter fiscal 2019.
Total operating expenses declined 16% year over year to $7.6 million.
Interest expense in the reported quarter was $4.2 million, up 17.8% from the prior-year period.
Backlog at the end of third-quarter fiscal 2020 was $1.33 billion, down 3.9% year over year.
FuelCell took adequate safety measures to counter the challenges posed by COVID-19. In addition, it is working on the Powerhouse business strategy, which is focused on initiatives intended to transform, strengthen and grow the company over the next three years. Also, the company issued 25.1 million shares during the quarter at an average price per share of $2.56, resulting in net proceeds of $62.3 million, which provide additional liquidity to support projects underway.
Cash and cash equivalents as of Jul 31, 2020 were $66.3 million compared with $9.4 million on Oct 31, 2019.
Long-term debt and other liabilities as of Jul 31, 2020 were $167.4 million compared with $90.14 million on Oct 31, 2019.
Currently, FuelCell has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Ballard Power Systems, Inc. (BLDP - Free Report) is likely to release third-quarter 2020 earnings in November. The Zacks Consensus Estimate for the to-be-reported quarter’s bottom line is pegged at a loss of 5 cents per share.
Plug Power, Inc. (PLUG - Free Report) is likely to release third-quarter 2020 results in November. The Zacks Consensus Estimate for the to-be-reported quarter’s bottom line stands at a loss of 7 cents per share.
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