FuelCell Energy (FCEL) Posts Wider-Than-Expected Q2 Loss
FuelCell Energy Inc. FCEL reported an adjusted loss of 33 cents per share in the second quarter of fiscal 2017, wider than the Zacks Consensus Estimate of a loss of 27 cents. However, it was narrower than the year-ago loss of 56 cents.
Total Revenue
In the second quarter of fiscal 2017, FuelCell Energy’s total revenue was $20.4 million, beating the Zacks Consensus Estimate of $19 million by 7.4%. Total revenue was down 28.7% from $28.6 million in the year-ago quarter.
The drop in revenues at the Product segment more than offset the increase at the other segments of the company.
FuelCell Energy, Inc. Price and Consensus
FuelCell Energy, Inc. Price and Consensus | FuelCell Energy, Inc. Quote
Highlights of the Release
As of Apr 30, 2017, the total backlog of the company was $434.5 million, as against $410.7 million in the year-ago period.
In the quarter under review, the company’s cost of revenues was $20 million, down 43.6% from $28.7 million in the prior-year quarter.
Operating expenses were $11.9 million, 5.6% lower than the year-ago quarter.
Financial Details
As of Apr 30, 2017, cash and cash equivalents at the company were $46.4 million, down from $84.2 million as of Oct 31, 2016.
As of Apr 30, 2017, the long-term debt and other liabilities at the company were $77.4 million, down from $80.9 million as of Oct 31, 2016.
Peer Releases
NextEra Energy Partners, LP NEP, a Zacks Rank #3 (Hold) stock, reported first-quarter 2017 earnings of 22 cents per unit, missing the Zacks Consensus Estimate of 41 cents by 46.34%. You can see the complete list of today's Zacks #1 (Strong Buy) Rank stocks here.
Dominion Midstream Partners, LP DM, which is a Zacks Rank #3 stock, reported first-quarter 2017 earnings of 37 cents per unit, in line with the Zacks Consensus Estimate.
Ormat Technologies, Inc. ORA, a Zacks Rank #3 stock, reported first-quarter 2017 earnings of 70 cents per share, beating the Zacks Consensus Estimate of 65 cents by 7.69%.
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