Sep 7, 2011
FuelCell Energy (NASDAQ:FCEL) reported a Q3 loss of $0.07 per share, narrower than consensus estimates for a loss of $0.09 per share. Revenues for the quarter rose 65.1% year-over-year to $31.2 million, topping consensus estimates of $29.0 million.
Chip Bottone, President and CEO of FuelCell Energy, Inc said, "The team at FuelCell Energy achieved an important milestone this quarter by generating a gross margin for the first time since we began the commercialization process of Direct FuelCells. We are executing our revenue growth plan and benefitting from operating leverage that is driving down costs. We have record product and service backlog of $230.6 million and we are producing at a record rate and have substantially increased our production run rate to a level of 56 megawatts annually compared to 22 megawatts of production for fiscal year 2010."
FuelCell Energy has a potential upside of 186.4% based on a current price of $1.03 and an average consensus analyst price target of $2.95.
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