Shares of FuelCell Energy (FCEL) have dropped nearly 6% today after releasing disappointing financial results. But were the numbers as bad as they looked?
FuellCell Energy FuelCell Energy reported a profit of three-cents a share, meeting analysts forecasts, on sales of $43.2 million, below the Street consensus for $53.6 billion.
Cowen’s Jeffrey Osborne and Thomas Boyes don’t think FuelCell Energy’s results were that bad:
Product sales levels proved disappointing, at $43.2 million, a 20% reduction from the same quarter in 2013. Short-term cash and cash equivalent, however, totaled $113 million, approximately 16% of market cap.
Total backlog marginally increased to $350.2 million from $342.8 million as of the end of last quarter, resulting from a sequential increase in utility service contracts. Gross margin of 9.2% is a notable year-over-year increase from 8.4%. Management will likely highlight the recent investment from NRG, with an equity stake and $40 million of committed capital for project financing, as well as its $350.2 million total backlog, which represents about 50% of the company’s current market capitalization.
Shares of FuelCell Energy have fallen 5,6% to $2.52 at 12:48 p.m., while Ballard Power Systems (BLDP) has dropped 2.8% to $3.46 and Plug Power (PLUG) has declined 3.5% to $5.28.
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