- FuelCell Energy (FCEL) -12.8% premarket after FQ2 earnings and revenues fell short of estimates, with losses widening as expenses rose.
- Though FCEL has been stuck in the red, revenue generally has increased as cheap natural gas drove down power production costs and demand rose, but overall revenue fell 10% to $38.3M in FQ2; product sales fell to $27.7M from $34.4M a year earlier, while service agreements and license revenue totaled $7.2M from $4.1M.
- Gross margin fell to 4.2% from 5.5%, as product sales mostly were fuel cell kits and modules compared with higher margin complete power plant revenue in the year-ago period from the Bridgeport fuel cell park project.
- Backlog totaled $342.8M at the end of FQ2 vs. $326.9M at the end of the previous quarter.
- Issues in-line guidance for Q3, seeing revenues of $50M-$60M vs. $53M analyst consensus estimate.
- Also: PLUG -5%, BLDP -3.3% premarket.
at Zacks.com (Nov 13, 2014)