FuelCell Energy
reported a narrower loss than Wall Street expected but a drop in revenue from the prior year as module sales declined.
FuelCell
(ticker: FCEL) reported a fiscal third-quarter loss of 6 cents a share on revenue of $25.5 million, down 41% from a year earlier. Analysts surveyed by FactSet were expecting the clean energy company to report a loss of 8 cents a share on revenue of $27.7 million.
In the same period last year,
FuelCell
posted a loss of 8 cents a share on revenue of $43.1 million.
Chief Executive Jason Few said Monday that revenue decline was “primarily a result of lower product revenues due to the lack of module sales compared to sales in the comparable prior year quarter of replacement modules to Korea Fuel Cell.”
The company’s booking backlog, or definitive agreements between FuelCell and its customers, decreased by about 17% from the year-ago quarter to $1.06 billion. This was due to the decision to not move forward with certain generation projects during the fourth quarter of fiscal 2022, the company said.
Shares of FuelCell were gaining 1.4% in premarket trading Monday to $1.46. Coming into the session, the stock has fallen 48% this year.
Write to Angela Palumbo at [email protected]
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