FuelCell Energy Shares Selling Off On A Weak Second Quarter

FuelCell Energy FCEL reported the results of its second quarter Tuesday, sending shares down more than 13 percent in after hours trading.

FuelCell announced sales of $38.3 million for the quarter, missing the analyst consensus of $45.18 million by 15.23 percent. Compared to the same quarter last year, sales are down 9.67 percent year over year, despite an 85.88 percent climb in share price. The last update investors had on FuelCell’s backlog was $326.9 million at the end of January. The backlog has subsequently increased to $342.6 million.

Earnings are unchanged year over year. The company announced a $0.04 per share loss for the quarter, missing the analyst estimate of a $0.03 loss per share. Gross profit fell from $2.3 million in 2013 to $1.6 million.

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Looking forward, FuelCell expects revenue of $50 million to $60 million in the second half of 2014. The company expects to produce 70 megawatts in its Connecticut production facility.

Shares of FuelCell were last down 12.7 percent in extended hours trading to $2.07. Plug Power PLUG shares traded slightly lower on FuelCells report. Plug Power was last trading down 1.4 percent to $4.35.

FuelCell Energy will be hosting its conference call at 10:00 am EDT on June 4.