FuelCell Energy, Inc. (FCEL - Free Report) incurred third-quarter fiscal 2019 adjusted loss of 18 cents per share, narrower than the Zacks Consensus Estimate of a loss of $1.15 per share.
Adjusted revenues of $22.7 million surpassed the Zacks Consensus Estimate of $8 million by 187.5%. The top line also improved 87.5% from the prior-year quarter’s figure of $12.1 million. The upside can be attributed to the ExxonMobil (XOM - Free Report) license agreement and an increase in Generation revenues related to the Bridgeport Fuel Cell Project.
In May, the company acquired the 14.9-megawatt Bridgeport fuel cell project from Dominion Energy (D - Free Report) .
There was no Product revenues during the three months ended July 31, 2019. However, product revenues for the three months ended in July 31, 2018 were $1.3 million.
Revenues in the Service and License segment surged 107.2% from the prior-year quarter’s tally to $11.5 million.
Revenues in the Generation segment rocketed 221.4% from the prior-year quarter’s figure to $5.4 million.
Revenues in the Advanced Technologies segment rallied 63% from the year-ago quarter’s level to $5.8 million.
Highlights of the Release
Total operating expenses fell 27.2% year over year to $9 million. The decline was caused by reduction in spending that stemmed from the company’s restructuring initiatives and resources allocated to Advanced Technologies projects.
Interest expenses came in at $3.5 million, up 45.3% from $2.4 million in the year-ago quarter.
As of Jul 31, 2019, total backlog was $2.1 billion compared with $1.9 billion as of Jul 31, 2018.
FuelCell Energy had cash and cash equivalents of $16 million as of Jul 3 compared with $39.3 million on Oct 31, 2018.
Long-term debt was $79.7 million as of Jul 31compared with $71.6 million as 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.
Plug Power (PLUG - Free Report) reported a loss of 8 cents in the second quarter of 2019, which is narrower than the Zacks Consensus Estimate of a loss of 10 cents.
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