Why FuelCell Energy Inc.'s Shares Plunged 29.9% Today
Shares of FuelCell Energy Inc. (NASDAQ: FCEL) plunged as much as 29.9% in trading Wednesday, giving back most of the gains of the past week. Shares are still down 23.3% at 10:40 a.m. EST and show no signs of recovery right now.
Let's start with the headline numbers. Revenue in the fiscal fourth quarter dropped 38% to $11.0 million, and net loss was $36.0 million, or $0.23 per share. What's most striking is that gross loss was $23.4 million after noncash charges of $17.5 million due to decisions to end or not pursue long-term power purchase agreements at two plants. Even without those noncash charges, gross loss was $5.9 million.
Image source: FuelCell Energy.
Source Fool.com
