FuelCell Energy
traded lower Tuesday after the clean energy company reported fiscal fourth-quarter revenue that missed Wall Street expectations.
FuelCell posted a fiscal fourth-quarter loss of 7 cents a share on revenue of $22.5 million. Analysts surveyed by FactSet were expecting a loss of 8 cents a share on revenue of $25 million.
In the same period last year, FuelCell reported a loss of 11 cents a share on revenue of $39.2 million. The company said the 43% decrease in revenue from the prior year was mostly due to lower product revenue.
“We are methodically taking steps to build upon our core capabilities and evolve our business model to achieve growth and profitability in the future,” Chief Executive Jason Few said in a press release.
Shares of FuelCell were down 7.2% to $1.42 Tuesday. The stock has fallen 49% this year.
FuelCell reported earnings one day after announcing a partnership with
Exxon Mobil.
The energy giant’s affiliate, Esso Nederland BV, plans to build a pilot plant at its Rotterdam Manufacturing Complex with FuelCell to test a type of technology that could reduce CO2 emissions from different industries.
Write to Angela Palumbo at [email protected]
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