FuelCell Energy (NASDAQ:FCEL) earnings for the third quarter of fiscal year 2020 have FCEL stock taking a beating on Thursday. This is despite its adjusted losses per share of 7 cents, which just missed analysts’ estimates by a penny. However, the company’s revenue of $18.73 million blew past analysts’ estimates of $16.05 million.
Additionally, the company also reported basic losses per share of 7 cents.
Here’s what else is worth mentioning from the most recent FuelCell Energy earnings report.
- Adjusted per-share losses are 61% better than losses of 18 cents in the same period of the year prior.
- Revenue for the quarter comes in 18% lower than the $22.71 million during the fiscal third quarter of 2019.
- Operating loss of $10.76 million is 906% worse year-over-year than the $1.07 million loss last year.
- The FuelCell Energy earnings report also includes a net loss of $15.33 million.
- That’s 189% worse than the company’s net loss of $5.31 million reported during the same time last year.
Jason Few, president and CEO of FuelCell Energy, said this about the FCEL stock earnings:
“Our performance for the quarter focused on our continued execution of projects in our backlog, growing our sales pipeline of opportunities, and a continued emphasis on effectively managing operating expenses while positioning our Company for growth … I am extremely proud of the dedication of our employees over what has been a difficult period globally, with each of us affected by the pandemic and related shutdowns and social distancing mandates.”
The FuelCell Energy earnings report doesn’t mention guidance for FY2020. Nonetheless, we know what Wall Street is estimating. Analysts are calling for adjusted losses per share of 40 cents on revenue of $68.7 million.
FCEL stock was down 16% as of Thursday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.
