FuelCell Energy, Inc. (FCEL - Free Report) incurred second-quarter fiscal 2020 operating loss of 7 cents per share, wider than the Zacks Consensus Estimate of a loss of 6 cents. Nonetheless, the figure was narrower than the year-ago reported loss of $2.06 per share.
FuelCell’s total revenues came in at $18.9 million, beating the Zacks Consensus Estimate of $13 million by 46.2% and increasing 110% from $9 million in the year-earlier period.
Service and License: Total revenues were $6.9 million, up 161.4% year over year. The improvement was due to revenues from module replacements under customer service agreements.
Generation: Total revenues were $4.63 million, which skyrocketed 183.6% year over year. The increase was primarily due to additional revenues associated with the Bridgeport Fuel Cell Project.
Advanced Technologies: Total revenues of $7.3 million rose 45.9% year over year. The improvement was due to the joint development agreement signed with ExxonMobil (XOM - Free Report) during first-quarter fiscal 2020 for enhancing the carbon capture fuel cell technology.
Highlights of the Release
In the reported quarter, the company’s gross profit amounted to $0.2 million against loss of $3.6 million in second-quarter fiscal 2019.
Total operating expenses declined 40.6% year over year to $8.3 million.
Interest expense in the reported quarter was $3.6 million, up 98.3% from the prior-year period.
Backlog at the end of second-quarter fiscal 2020 was $1.34 billion, up 6% year over year.
FuelCell has taken adequate safety measures to counter the challenges posed by COVID-19. In addition, it is also working on the Powerhouse business strategy, which is focused on initiatives intended to transform, strengthen and grow the company over the next three years.
Cash and cash equivalents as of Apr 30, 2020 were $29.1 million compared with $9.4 million on Oct 31, 2019.
Long-term debt and other liabilities as of Apr 30, 2020 were $176.8 million compared with $90.14 million on Oct 31, 2019.
Currently, FuelCell has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Ballard Power Systems, Inc. (BLDP - Free Report) is likely to release second-quarter earnings in July. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at a loss of 5 cents per share.
Plug Power, Inc. (PLUG - Free Report) is likely to release second-quarter results in August. The Zacks Consensus Estimate for the bottom line for the quarter to be reported is pegged at a loss of 9 cents per share.
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