FuelCell Energy Loss Widens as Operating Expenses RiseChristopher Martin
FuelCell Energy Inc., a manufacturer of fuel-cell power plants, said its fiscal second-quarter loss widened as operating expenses rose.
FuelCell’s net loss was $15.8 million, or 7 cents a share, compared with $7.4 million, or 4 cents, a year earlier. Excluding some items, the company had a 4 cent loss, exceeding the 3.3-cent loss average forecast of four analyst estimates compiled by Bloomberg.
Revenue fell to $38.3 million from $42.4 million, the Danbury, Connecticut-based company said in a statement after the close of U.S. trading in New York.
Gross margin in the second quarter was 4.2 percent, down from 5.5 percent a year ago. Product sales in the quarter were mainly fuel cell kits and fuel cell modules whereas the same period a year ago saw higher margin complete power plant revenue from the 14.9-megawatt Bridgeport fuel cell park project, the company said.
During the quarter, FuelCell won a contract to build two fuel cell power plants in Connecticut that will be able to produce 5.6 megawatts when completed early next year. The company also completed the world’s largest fuel cell system, a 59 megawatt power plant in South Korea, in February.
FuelCell’s systems produce electricity from natural gas or methane through a chemical reaction.