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FuelCell Energy (FCEL) Reports In-Line Loss, Sales Beat

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FuelCell Energy, Inc.’s (FCEL - Free Report) first-quarter fiscal 2022 operating loss of 4 cents per share was on par with the Zacks Consensus Estimate. In the year-ago quarter, the company incurred a loss of 6 cents per share.

Revenues

FuelCell’s total revenues came in at $31.8 million, beating the Zacks Consensus Estimate of $16 million by 21.8%. Revenues also improved 113.4% from $14.9 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-eps-surprise-chart | FuelCell Energy, Inc. Quote

Segmental Details

Service: Total revenues were $2.2 million, down 56% year over year. Service revenues dropped from the prior-year period as there were no module exchanges during the quarter.

Generation: Total revenues were $7.5 million, which improved 53% year over year. The improvement was due to higher operating output of the generation fleet portfolio and the inclusion of two new projects.

Advanced Technologies: Total revenues of $4.1 million were down 19% year over year.

Highlights of the Release

For the reported quarter, the company incurred a gross loss of $2.8 million compared with a loss of $3.6 million in first-quarter fiscal 2021.

Total operating expenses increased 287.9% year over year to $41.9 million.

Interest expense for the reported quarter was $1.4 million, down 43.9% from the prior-year period.

Backlog at the end of first-quarter fiscal 2022 was $1.31 billion, up 2.9% year over year.

FuelCell 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.

Financial Update

Cash and cash equivalents (unrestricted) as of Jan 31, 2022 were $376.9 million compared with $432.2 million on Oct 31, 2021.

Long-term debt and other liabilities as of Jan 31, 2022 were $81.3 million compared with $78.6 million on Oct 31, 2021.

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

Bloom Energy (BE - Free Report) is slated to release first-quarter 2022 earnings on May 4. The Zacks Consensus Estimate for the to-be-reported quarter’s bottom line is pegged at a loss of 9 cents per share.

The Zacks Consensus Estimate for Bloom Energy’s 2022 and 2023 earnings indicates year-over-year growth of 65.4% and 250.9%, respectively. Long-term (three to five years) earnings growth of Bloom Energy is currently pegged at 25%.

Chesapeake Energy (CHK - Free Report) is set to release first-quarter 2022 earnings on May 25. The Zacks Consensus Estimate for the to-be-reported quarter’s bottom line is pegged at $2.03 per share.

The Zacks Consensus Estimate for Chesapeake Energy’s 2023 earnings suggests year-over-year growth of 5.8%.  Long-term (three to five years) earnings growth of Chesapeake Energy is currently pegged at 6.3%.

Ameresco, Inc. (AMRC - Free Report) is scheduled to release first-quarter 2022 earnings on May 3. The Zacks Consensus Estimate for the to-be-reported quarter’s bottom line is pegged at 31 cents per share.

The Zacks Consensus Estimate for Ameresco’s 2022 and 2023 earnings implies year-over-year growth of 25.8% and 6.4%, respectively. Long-term (three to five years) earnings growth of Ameresco is currently pegged at 18.3%.