FuelCell Energy Inc FCEL is trading significantly lower Thursday morning after the company reported worse-than-expected financial results.
What Happened: FuelCell Energy reported a quarterly earnings loss of 6 cents per share, which missed the estimate for a loss of 5 cents per share. The company reported quarterly revenue of $14 million, which missed the estimate of $18.86 million.
“We remain focused on execution of our Powerhouse business strategy, including advancing in-flight projects in our backlog. During the quarter, we added 2.8 megawatts to our generation backlog with a new project in Derby, Connecticut. We continue to increase our investment in research and development towards the commercialization of our solid oxide power generation, storage and hydrogen electrolysis platforms," said Jason Few, president and CEO of FuelCell Energy.
Related Link: FuelCell Energy: Q2 Earnings Insights
FCEL Price Action: FuelCell Energy has traded as high as $29.43 and as low as $1.58 over a 52-week period.
At last check Thursday, the stock was down 10.47% in premarket trading at $10.09.
Photo courtesy of FuelCell Energy.
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