FuelCell Energy, Inc. (FCEL – Free Report) incurred a third-quarter fiscal 2021 net loss of 4 cents per share, narrower than the Zacks Consensus Estimate of a loss of 5 cents. Also, it compared favorably with the year-ago loss of 7 cents.
FuelCell’s total revenues came in at $26.8 million, beating the Zacks Consensus Estimate of $21.2 million by 26.4%. The top line also improved 43.2% from the year-earlier period’s tally.
Service and License: Total revenues were $14.3 million, up 101.7% year over year. This increase was aided by a rise in the number of module exchanges during the reported quarter.
Generation: Total revenues of $6.2 million improved 31.9% year over year. This rise was owing to higher operating output of the generation fleet portfolio.
Advanced Technologies: Total revenues of $6.2 million dropped 9.4% year over year. This decline was due to lower revenues recognized under government contracts.
Highlights of the Release
The company reported a gross profit of $1.1 million against a loss of $3.1 million recorded in third-quarter fiscal 2020.
Total operating expenses rose 53.1% year over year to $11.7 million.
Interest expense for the reported quarter was $1.6 million, down 62.7% from the prior fiscal-year level.
Backlog at the end of third-quarter fiscal 2021 was $1.30 billion, down 2.3% year over year.
Cash and cash equivalents (unrestricted) as of Jul 31, 2021 were $468.6 million compared with $149.9 million on Oct 31, 2020.
Long-term debt and other liabilities as of Jul 31, 2021 were $73.6 million compared with $150.7 million on Oct 31, 2020.
Currently, FuelCell has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Covanta Holding Corporation (CVA – Free Report) is expected to release third-quarter 2021 earnings performance on Nov 4, 2021. The Zacks Consensus Estimate for earnings is pegged at 18 cents per share.