FuelCell Energy saw its shares trade lower on Tuesday following the release of its fiscal fourth-quarter revenue report, which fell short of Wall Street expectations.
Disappointing Results
During the fourth quarter, FuelCell posted a loss of 7 cents per share with revenue amounting to $22.5 million. Analysts surveyed by FactSet were expecting a slightly smaller loss of 8 cents per share, but with higher revenue at $25 million.
Comparatively, in the same period last year, FuelCell reported a loss of 11 cents per share on revenue of $39.2 million. The company attributes the 43% decrease in revenue from the previous year to lower product sales.
Strategic Steps Towards Future Growth
FuelCell’s Chief Executive, Jason Few, expressed confidence in the company’s future growth prospects. He stated, “We are methodically taking steps to build upon our core capabilities and evolve our business model to achieve growth and profitability in the future.”
Stock Performance
Shares of FuelCell experienced a 3.3% drop to $1.48 during premarket trading on Tuesday. Year-to-date, the stock has declined by 45%.
Exciting Collaborations
On the day prior to reporting its earnings, FuelCell Energy announced an exciting partnership with Exxon Mobil. The collaboration involves Esso Nederland BV, the energy giant’s affiliate, planning to construct a pilot plant at its Rotterdam Manufacturing Complex alongside FuelCell. The objective of this joint effort is to test a type of technology that has the potential to significantly reduce CO2 emissions across various industries.