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FuelCell (FCEL) Q1 Loss Wider than Expected, Revenues Miss
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FuelCell Energy, Inc. (FCEL - Free Report) incurred first-quarter fiscal 2021 operating loss of 6 cents per share, wider than the Zacks Consensus Estimate of a loss of 4 cents and also the year-ago loss of 3 cents.
Total Revenues
FuelCell’s total revenues came in at $14.9 million, missing the Zacks Consensus Estimate of $20 million by 25.5%. Revenues also declined 8.5% from $16.3 million in the year-earlier period.
FuelCell Energy, Inc. Price, Consensus and EPS Surprise
Service and License: Total revenues were $4.9 million, down 12.5% year over year. Revenues recognized in the first quarter include revenues recorded for module replacements and routine maintenance activities.
Generation: Total revenues were $4.9 million, which declined 10.1% year over year. This decrease was due to a temporary shut-down of the Bridgeport Fuel Cell Project plants for scheduled module exchanges.
Advanced Technologies: Total revenues of $5.1 million fell 2.6% year over year. This decline was due to fall in revenues recognized under government contracts.
Highlights of the Release
In the reported quarter, the company incurred a gross loss of $3.6 million against a profit of $3.3 million reported for first-quarter fiscal 2020.
Total operating expenses rose 67.5% year over year to $10.8 million.
Interest expense for the reported quarter was $2.5 million, down 22.3% from the prior-year period.
Backlog at the end of first-quarter fiscal 2021 was $1.27 billion, down 6.9% year over year.
Financial Update
Cash and cash equivalents as of Jan 31, 2021 were $178.6 million compared with $149.9 million on Oct 31, 2020.
Long-term debt and other liabilities as of Jan 31, 2021 were $78.1 million compared with $150.7 million on Jan 31, 2020.
Covanta Holding Corp. reported earnings of 9 cents per share for fourth-quarter 2020, surpassing the Zacks Consensus Estimate of a cent by 800%.
Plug Power (PLUG - Free Report) reported a quarterly loss of 5 cents per share, comparing favorably with the Zacks Consensus Estimate of a loss of 8 cents.
Bloom Energy Corp. (BE - Free Report) reported a loss of 8 cents per share for fourth-quarter 2020. The Zacks Consensus Estimate was of earnings of 2 cents.
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FuelCell (FCEL) Q1 Loss Wider than Expected, Revenues Miss
FuelCell Energy, Inc. (FCEL - Free Report) incurred first-quarter fiscal 2021 operating loss of 6 cents per share, wider than the Zacks Consensus Estimate of a loss of 4 cents and also the year-ago loss of 3 cents.
Total Revenues
FuelCell’s total revenues came in at $14.9 million, missing the Zacks Consensus Estimate of $20 million by 25.5%. Revenues also declined 8.5% from $16.3 million in the year-earlier period.
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 $4.9 million, down 12.5% year over year. Revenues recognized in the first quarter include revenues recorded for module replacements and routine maintenance activities.
Generation: Total revenues were $4.9 million, which declined 10.1% year over year. This decrease was due to a temporary shut-down of the Bridgeport Fuel Cell Project plants for scheduled module exchanges.
Advanced Technologies: Total revenues of $5.1 million fell 2.6% year over year. This decline was due to fall in revenues recognized under government contracts.
Highlights of the Release
In the reported quarter, the company incurred a gross loss of $3.6 million against a profit of $3.3 million reported for first-quarter fiscal 2020.
Total operating expenses rose 67.5% year over year to $10.8 million.
Interest expense for the reported quarter was $2.5 million, down 22.3% from the prior-year period.
Backlog at the end of first-quarter fiscal 2021 was $1.27 billion, down 6.9% year over year.
Financial Update
Cash and cash equivalents as of Jan 31, 2021 were $178.6 million compared with $149.9 million on Oct 31, 2020.
Long-term debt and other liabilities as of Jan 31, 2021 were $78.1 million compared with $150.7 million on Jan 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.
Other Releases
Covanta Holding Corp. reported earnings of 9 cents per share for fourth-quarter 2020, surpassing the Zacks Consensus Estimate of a cent by 800%.
Plug Power (PLUG - Free Report) reported a quarterly loss of 5 cents per share, comparing favorably with the Zacks Consensus Estimate of a loss of 8 cents.
Bloom Energy Corp. (BE - Free Report) reported a loss of 8 cents per share for fourth-quarter 2020. The Zacks Consensus Estimate was of earnings of 2 cents.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>