FuelCell Energy beats 4Q revenue expectations, has a full order book

Shares of FuelCell Energy Inc. (NASDAQ:FCEL) climbed after it reported fourth-quarter revenue that beat expectations as well as a large order book.

Investors sent shares of the company up by nearly 5% in premarket trade after the company disclosed it had a contract backlog totaling $1.2 billion as of October 31, 2018. It also had project awards totaling an additional $792.5 million, resulting in a total backlog of $2 billion in orders.

READ: FuelCell Energy fiscal 3Q shows beat on revenue, company says outlook rosy

FuelCell gave back some of its gains to settle at $0.55 after the market opened amid a broad market pullback.

For the quarter ended October 2018, the Danbury, Connecticut-based company posted a loss of $0.19 per share on revenue of $17.9 million. The consensus estimate was a loss of $0.18 per share on revenue of $15.9 million. Revenue fell 62.7% compared with a year earlier.

FuelCell undertook the expansion of its manufacturing facility to better position for growth after winning two projects totaling 22.2 megawatts from Connecticut’s Department of Energy and Environmental Protection. The company said it has now signed the long-term power purchase agreements for the Connecticut project.

“Our focus has been squarely on execution, and we have made significant strides executing on our strategy as evidenced by the recent signing of the Long Island Power Authority power purchase agreement and the construction finance facility,” said  FuelCell Energy CEO Chip Bottone.

“Add to that the acquisition of the Bridgeport fuel cell park project, the sale of the Trinity College project to AEP OnSite Partners, and the signing of the PPAs for the two Connecticut project awards totaling 22.2 megawatts, and we feel we have established a tremendous foundation for the Company’s future,” he added.

FuelCell Energy designs, installs, services and operates fuel cell power plants for power generation.

Contact Uttara Choudhury at [email protected]

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Story by ProactiveInvestors