FuelCell Energy Inc. (NASDAQ: FCEL) released its fiscal second-quarter financial results Monday after the markets closed. The company had a net loss of $0.04 per share on $28.6 million in revenue, compared to Thomson Reuters consensus estimates of a net loss of $0.02 per share on $41.30 million in revenue. The same quarter from the previous year had a net loss of $0.04 per share on $38.27 million in revenue.
The company’s total backlog at the end of the quarter was $342.8 million, but this did not include the Pepperidge Farm or Riverside projects, which will contribute roughly $40 million to backlog in the fiscal third quarter of 2015. This will begin contributing to revenue in fiscal 2016.
Product sales backlog totaled $91.6 million in the fiscal second quarter, compared to $146.6 million in the same period last year. Service backlog totaled $203.7 million, versus $181.9 in the previous year. Finally, advanced technologies contracts backlog totaled $16.9 million at the end of the quarter, an increase from $14.3 million last year.
Chip Bottone, president and CEO of FuelCell, said:
We are advancing the development of a 63 megawatt project, the largest in the history of the Company and announced the repeat business with two customers. We have taken tangible measures to support these and other larger scale opportunities and expect meaningful revenue growth in the coming quarters as we execute on our strong pipeline and backlog. Our prudently planned capacity expansion in North America and our partner’s fuel cell manufacturing addition in Asia are on-track and will double the global production capacity while reducing product costs simultaneously.
Cash and cash equivalents (both restricted and unrestricted) totaled $90.0 at the end of the quarter, versus $89.2 million at the end of the 2014 fiscal year.
ALSO READ: 9 Analyst Stock Picks Under $10 With Massive Upside Calls
Shares of FuelCell closed Monday down 0.8% at $1.21. Following the release of the earnings report, shares were down 9.9% at $1.09 in premarket trading. The stock has a consensus analyst price target of $2.59 and a 52-week trading range of $1.05 to $2.84.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
