FuelCell Energy Inc. Misses Q2 Revenue Targets; Shares Fall 14% After Hours
Clean-power specialist FuelCell Energy just reported results for the second quarter of fiscal year 2014. Following the report, shares fell more than 14% in after-hours trading.
FuelCell reported sales of $38.3 million, down from $42.4 million in the year-ago quarter. Service and license revenue jumped 76% higher year over year, because of the growing installed base of fuel cell power plants. The order backlog stopped at $343 million at the end of the second quarter, April 30. That's a 5% increase from the close of the of January quarter.
The company saw an adjusted $0.04 loss per diluted share, in line with the loss reported a year ago.
Analysts were looking for a $0.03 loss per share on sales of $45.2 million. FuelCell fell short of Street targets on both the top and bottom lines.
Management sketched out full-year revenue guidance below the current Street view.
In a prepared statement, FuelCell CEO Chip Bottone expressed confidence in reaching a total power production capacity of at least 30 megawatts by the end of 2014. "Our sales teams are actively advancing projects in North America and Europe, and witnessing greater appreciation of the attributes of our ultra-clean power generation solutions, giving me confidence in our near-term ability to progress projects in the sales pipeline to closure," Bottone said.
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