Shares of FuelCell Energy Inc. (FCEL) sank 4.6% in premarket trading Thursday, after the fuel cell technology company reported a wider-than-expected loss, but revenue that fell less than forecast. The net loss for the quarter to July 31 was $15.3 million, or 7 cents a share, after a loss of $5.3 million, or 18 cents a share, in the year-ago period. The FactSet consensus was for a loss of 6 cents a share. Revenue fell 17.5% to $18.7 million, above the FactSet consensus of $16.0 million. Service and license revenue dropped 38% to $7.1 million and generation revenue decreased 13% to $4.7 million, while advanced technologies revenue increased 20% to $6.9 million. Meanwhile, cost of revenue grew 48% to $21.9 million. "The hydrogen economy is currently enjoying unprecedented political and business momentum, and we are well positioned to capitalize on opportunities consistent with our goals," said Chief Executive Jason Few. The stock has gained 4.8% year to date through Wednesday, while the S&P 500 has advanced 5.2%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 10, 2020 07:58 ET (11:58 GMT)
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