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FuelCell (FCEL) Q2 Loss Wider Than Expected, Revenues Miss
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FuelCell Energy, Inc. (FCEL - Free Report) 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
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.
Ameresco, Inc. (AMRC - Free Report) 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 - Free Report) 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 - Free Report) 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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FuelCell (FCEL) Q2 Loss Wider Than Expected, Revenues Miss
FuelCell Energy, Inc. (FCEL - Free Report) 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-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 - Free Report) 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 - Free Report) 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 - Free Report) is expected to report second-quarter 2021 earnings on Aug 5, 2021. The Zacks Consensus Estimate for earnings stands at 43 cents per share.
+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 >>