Shares of FuelCell Energy Inc. FCEL, -7.53% slumped 7.2% in premarket trading Thursday, to extend their pullback from a 2 1/2-year high, after the alternative energy and fuel cell technology company reported a wider-than-expected fiscal fourth-quarter loss, although revenue rose above forecasts. The net loss for the quarter to Oct. 31 narrowed to $19.7 million, or 8 cents a share, from $36.0 million, or 23 cents a share, in the year-ago period, while the FactSet consensus was for a per-share loss of 4 cents. Revenue jumped 54% to $17.0 million, above the FactSet consensus of $16.0 million, as growth in service and license and advanced technologies contract revenue offset a decline in generation revenue. Backlog decreased 2.5% to $1.29 billion. “Based on the initial policy objectives outlined by the incoming White House administration, we expect clean energy and climate policies in the U.S. to begin to match the pace of advancement seen in other markets such as Europe and Asia, and to be favorable toward development of the growing hydrogen economy,” said Chief Executive Jason Few. The stock fell 7.5% on Wednesday to close 12.4% since Jan. 13, when it closed at the highest price since June 2018. The stock has still skyrocketed 668.8% over the past three months through Wednesday, while the S&P 500 SPX, +1.39% has gained 12.1%.
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