Shares of FuelCell Energy Inc., tumbled nearly 9% in morning trading Tuesday, after the alternative energy and fuel cell technology company reported a wider-than-expected fiscal first-quarter loss and revenue that fell more than forecast.
The net loss for the quarter to Jan. 31 was $46.8 million, or 15 cents a share, after a loss of $41.1 million, or 20 cents a share, in the year-ago period.
The FactSet consensus for net per-share losses was 4 cents. Total revenue declined 8.5% to $14.88 million, well below the FactSet consensus of $22.11 million.
Service agreements and license revenue fell 12% to $4.9 million, generation revenue dropped 10% to $4.9 million, hurt by a temporary shutdown of several Bridgeport Fuel Cell Project plants, and advanced technologies contract revenue declined 3% to $5.1 million. Backlog decreased 7% to $1.27 billion.
The stock, which has shed 18.8% amid a 3-day losing streak, rallied 33.5% year to date and soared 1,185.3% over the past 12 months, while the S&P 500 SPX, +0.26% has gained 5.8% this year and advanced 66.6% the past year.