FuelCell Plunges After Fourth-Quarter Loss Exceeds Estimates
FuelCell Energy Inc., (FCEL) the biggest publicly traded U.S. fuel-cell manufacturer, fell the most in five years after reporting a quarterly loss that exceeded expectations.
FuelCell declined 24 percent to $1.41 at the close in New York, the most since November 2008. The shares had doubled this year through yesterday.
FuelCell’s net loss in its fourth fiscal quarter narrowed to $9.7 million, or 6 cents a share, from $11.3 million, or 7 cents, a year earlier. Analysts had expected a 3-cent loss, the average of two estimates compiled by Bloomberg.
Revenue for the quarter ended Oct. 31 rose 56 percent to $55.2 million, the Danbury, Connecticut-based company said in a statement after the close of trading yesterday.
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