FuelCell Energy, Inc. (FCEL - Free Report) incurred first-quarter fiscal 2019 adjusted loss of 18 cents per share, wider than the Zacks Consensus Estimate of 17 cents.
Adjusted revenues of $17.78 million surpassed the Zacks Consensus Estimate of $11 million by 61.6%. However, the top line declined 53.9% from the prior-year quarter’s figure of $38.61 million, primarily due to lower contribution from the Product segment.
Revenues in theProduct segmentfell $29.5 million year over year, primarily due to the completion of deliveries in fiscal 2018 under a 20-megawatt (MW) order for a Korea Southern Power Company (KOSPO) owned utility project.
Revenues in the Service and License segment surged 187.8% from the prior-year quarter’s tally to $11.8 million.
Revenues in the Generation segmentdeclined 21% from the prior-year quarter’s figure to $1.5 million.
Revenues in the Advanced Technologies segment rallied 45% from the year-ago quarter’s tally to $4.5 million.
Total operating expenses were up 27.4% year over year to $13 million due to increased spending to complete the development and construction of the SureSource 4000 plant located in Danbury, CT as well as higher professional related and sales and marketing expenditures in business activities.
Interest expenses came in at $2.5 million, up 15% from $2.1 million in the year-ago quarter.
As of Jan 31, 2019, total backlog was $1.3 billion, up from $638.5 million as of Jan 31, 2018.
FuelCell Energy had cash and cash equivalents of $27.7 million as of Jan 31, 2019 compared with $39.3 million on Oct 31, 2018.
Long-term debt was $66.8 million as of Jan 31, 2019 compared with $71.6 million on Oct 31, 2018.
FuelCell Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Covanta Holding Corp. (CVA - Free Report) delivered fourth-quarter 2018 earnings of 4 cents per share, missing the Zacks Consensus Estimate of earnings of 7 cents by 42.86%.
Ballard Power Systems (BLDP - Free Report) reported fourth-quarter 2018 operating loss of 6 cent per share, wider than the Zacks Consensus Estimate of a loss of 2 cents.
Evergy, Inc (EVRG - Free Report) delivered fourth-quarter 2018 operating earnings of 8 cents per share, which lagged the Zacks Consensus Estimate of 24 cents by 66.7%.
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