Boston, MA 06\/04\/2014 (wallstreetpr) \u2013 Diversified utility energy company, FuelCell Energy Inc (NASDAQ:FCEL)<\/b> announced a wider net loss for the second quarter hurt by weak margin and lower revenue. The quarterly loss, as well as revenue, also failed to meet the Wall Street analysts’ estimations.<\/p>\n
2Q Results<\/b><\/p>\n
The FuelCell Energy Inc (NASDAQ:FCEL) suffered a net loss of $16.6 million or a loss of 7 cents a share for the latest second quarter. On an adjusted basis, net loss amounted to $10.7 million or a loss of 4 cents a share, which is wider than the net loss of $8.2 million or a loss of 4 cents a share in the year-ago quarter. On average, analysts from the Street predicted the company to incur a loss of 3 cents a share.<\/p>\n
Total revenues for the second quarter slipped to $38.3 million from $42.4 million in the previous year quarter. This is also lower than the Street expectations of $45.18 million for the latest period.<\/p>\n
While product sales fetched revenues of $27.71 million, down from $34.38 million, revenue from service agreements and license increased to $7.18 million from $4.11 million in the year earlier quarter. Revenue from advanced technologies contract skid to $3.39 million from $3.95 million in the prior year period.<\/p>\n
FuelCell Energy Inc (NASDAQ:FCEL) said that it has been awarded a contract to construct two fuel cell power plants to produce 5.6 MW once the plant is completed, which is expected next year.<\/p>\n
The company’s gross margin slipped to 4.2% from 5.5% in the year-ago quarter, as a result, of lower margin power plant revenue during the latest quarter compared to the last year’s higher margin revenue from power plant.<\/p>\n
Back Log<\/b><\/p>\n
FuelCell Energy Inc (NASDAQ:FCEL) indicated that it had a backlog of $146.6 million from product sales while the service backlog was $181.9 million. Its advanced technologies contracts backlog amounted to $14.3 million.<\/p>\n
Outlook For Second Half<\/b><\/p>\n
Moving ahead,\u00a0FuelCell Energy Inc (NASDAQ:FCEL) said that it is expecting to generate average quarterly revenues between $50 and $60 million in the second half with the existing production level.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 06\/04\/2014 (wallstreetpr) \u2013 Diversified utility energy company, FuelCell Energy Inc (NASDAQ:FCEL) announced a wider net loss for the second quarter hurt by weak […]<\/p>\n","protected":false},"author":9,"featured_media":22853,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[7083,2296,2297],"stock_ticker":[],"class_list":["post-24595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-fuelcell-energy-inc","tag-fuelcell-energy-inc-nasdaqfcel","tag-nasdaqfcel","entry"],"acf":[],"yoast_head":"\n