FuelCell’s stock soars after narrower-than-expected loss snaps long streak of misses
Shares of FuelCell Energy Inc.
shot up 10.7% in premarket trading Tuesday, after the fuel cell technology company reported a rare narrower-than-expected fiscal third-quarter net loss, helped by higher gross margin, and revenue that rose above forecasts. The net loss narrowed to $12.8 million, or 4 cents a share, from $16.1 million, or 7 cents a share, in the same period a year ago. That beat the FactSet consensus for per-share losses of 5 cents, to snap a seven-quarter streak of wider-than-expected losses. Revenue rose 43.2% to $26.8 million from $18.7 million, above the FactSet consensus of $21.1 million, boosted by a $7.2 million increase in service agreements and license revenue. Gross margin improved to positive 4.1% from negative 16.7%. The stock has tumbled 49.7% year to date through Monday, while the S&P 500
has gained 19.0%.