FuelCell Energy (FCEL) Reports In-Line Q1 Loss of 2c/Share; Backlog Up 3.4%

FuelCell Energy (NASDAQ: FCEL) reported Q1 EPS of ($0.02), in-line with the analyst estimate of ($0.02). Revenue for the quarter came in at $41.7 million versus the consensus estimate of $48 million.

Revenue Backlog

Total backlog was $337.0 million at January 31, 2015 compared to $326.9 million at January 31, 2014.

• Product sales backlog totaled $109.0 million at January 31, 2015 compared to $144.6 million at January 31, 2014
• Service backlog totaled $207.5 million at January 31, 2015 compared to $164.9 million at January 31, 2014
• Advanced technologies contracts backlog totaled $20.5 million at January 31, 2015 compared to $17.4 million at January 31, 2014

Business Highlights

• 3.4 megawatt utility gas let-down station order closed with UIL Holdings (NYSE: UIL) during first quarter of 2015
• 4.0 megawatts of fuel cell modules ordered by South Korean partner POSCO Energy during first quarter and 3.1 megawatts shipped and revenue recognized
• 8.4 megawatts of fuel cell kits under pre-existing multi-year contract shipped to POSCO Energy during first quarter
• Progressing with development of numerous multi-megawatt fuel cell parks
• 1.4 megawatt university project placed into NRG Yield (NYSE: NYLD)
• Greater than 95 percent availability reported for first year operating performance of 15 megawatt Dominion Bridgeport fuel cell park
• Five separate North American projects currently being installed in excess of 11 megawatts
• On-balance sheet hospital project in California progressing towards commissioning and expected sale and revenue recognition in late fiscal 2015
• Carbon capture performance milestones reached with up to 90 percent capture at a cost per ton below U.S. Department of Energy target, and added benefit of destroying smog producing nitrogen oxide (NOx)

For earnings history and earnings-related data on FuelCell Energy (FCEL) click here.

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