Boston, MA 09/09/2014 (wallstreetpr) – According to reports, FuelCell Energy Inc (NASDAQ:FCEL) witnessed a downfall in the stock market after reporting less than expected financial results. Due to below average 3Q2014 fiscal results and 20% reduction in sales, its shares dropped significantly on Monday.
FCEL falls in premarket trading:
According to reports, FuelCell Energy Inc (NASDAQ:FCEL) dropped by 10% and touched a figure of $2.40 a share at 8:23 a.m in premarketing trading. The company hardly witnessed more downfall than this in recent times. It was like a U-Turn in FCEL’s recent market performance. The stock price of FCEL has surged by 200% in 2014, provided today’s downfall is not taken into consideration.
Three main avenues of FuelCell Energy Inc (NASDAQ:FCEL)’s offerings are service agreements, power plant deliveries and advanced technology contracts. It generates maximum revenues out of these three segments, but it couldn’t perform up to its merit in the previous fiscal quarter. As per the reports, the total revenues generated by the company from above mentioned three segments were 43.2 million, compared to $53.7 million a year earlier. Market experts expected FCEL to earn $53.6 million, but it couldn’t even come close to this figure. The final draft of expected revenues was compiled by Bloomberg. Though reporters tried to get in touch with the management of FCEL in order to know more about this issue, but no one came forward to comment. No specific reason was provided by the company to justify this below average performance.
FuelCell Energy Inc (NASDAQ:FCEL) is known for producing such systems that can produce electricity with the help of methane or natural gas. The entire production is done through a chemical reaction. The company published its results and organized a conference call in order to broadcast it to all the investors. The recording of the same is available on the official website of FCEL. Experts think that its performance in stock-market will improve gradually over the next few days.
