FuelCell Energy Inc. (NASDAQ: FCEL) reported its fiscal fourth-quarter financial results after the markets closed on Monday. The company posted a net loss of $0.38 per share on $51.5 million in revenue. That compared to consensus estimates from Thomson Reuters for a net loss of $0.28 per share on $44.63 million in revenue. In the same period of the previous year, it posted a per-share net loss of $0.24 on revenue of $54.41 million.
Total revenue consisted of $43.9 million in product sales, $5.5 million in service revenues and $2.1 million in advanced technologies. In terms of backlog, this quarter totaled $381.4 million, compared to $333.9 million in backlog from last year.
During this quarter, the company had a one-for-12 reverse stock split on December 3.
The company noted that recent progress in the development of multi-megawatt fuel cell parks includes another development step for the 63 megawatt project in Connecticut with the November site visit and public hearing by the Connecticut Siting Council and the permitting body for siting power generation facilities in the State of Connecticut. The draft decision from the council is expected in January 2016.
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Chip Bottone, president and CEO of FuelCell, commented on the earnings report:
Closing projects for new markets and existing customers coupled with project financing speaks to the value proposition we provide to our customers and investors,” “Backlog increased for the second quarter in a row as we continue to close projects in North America and Europe.
On the books, the company had $58.85 in cash and cash equivalents, compared to $83.71 million in the same period from the previous year.
Shares of FuelCell closed Monday down 1.5% at $6.38, with a consensus analyst price target of $29.50 and a 52-week trading range of $6.12 to $21.12.
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