FuelCell Energy, Inc. (NASDAQ:FCEL) incurred fourth-quarter fiscal 2019 operating loss of 12 cents per share, wider than the Zacks Consensus Estimate of a loss of 7 cents.
Operating loss narrowed 13% from the year-ago reported loss of $2.28 per share. This year-over-year upside reflects an increase in Generation and Advanced Technologies segments revenues.
GAAP loss was 23 cents per share compared with $2.31 in the year-ago quarter.
Total Revenues
FuelCell’s total revenues came in at $11 million, beating the Zacks Consensus Estimate of $9 million plunging 38.3% from $17.9 million in the year earlier period.
Segmental Details
Product: Total revenues from this segment were $0.48 million, decreasing 94.9% year over year.
Service and License: Total revenues were $0.75 million, down 74% year over year.
Generation: Total revenues were $5.47 million, skyrocketing 197.2% year over year.
Advanced Technologies: Total revenues of $4.33 million rose 16.8% year over year
Highlights of the Release
In the reported quarter, the company’s gross loss amounted to $23.4 million against gross profit of $1.1 million in the fourth quarter of fiscal 2018.
Total operating expenses declined 26.2% year-over-year to $9.6 million.
Interest expense in the reported quarter was $2.82 million, up 16.3% from the prior year period.
Financial Update
Cash and cash equivalents as of Oct 31, 2019 were $9.43 million compared with $39.29 million on Oct 31, 2018.
Long-term debt and other liabilities as of Oct 31, 2019 were $90.14 million compared with $71.62 million on Oct 31, 2018.
Net cash outflow from operating activities for the fiscal year ending Oct 31 2019 was $30.57 million against cash inflow of $16.32 million in 2018.
Guidance
The company aims to raise its generation portfolio by 100% within fiscal 2022. It expects execution of project backlog, new business wins across the globe, cost-control measures and efficient capital deployment efforts to consistently boost its performance.
Zacks Rank
Currently, FuelCell has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Clearway Energy, Inc. (NYSE:CWEN) is slated to release fourth-quarter earnings on Feb 27, 2020. The Zacks Consensus Estimate for the quarter to be reported is pegged at 39 cents per share.
Noble Energy, Inc. (NASDAQ:NBL) is slated to release fourth-quarter earnings on Feb 11, 2020. The Zacks Consensus Estimate for the quarter to be reported stands at a loss of 9 cents per share.
Equinor ASA (NYSE:EQNR) is scheduled to release fourth-quarter earnings on Feb 6, 2020. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at 37 cents per share.
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