FuelCell Energy Inc (NASDAQ: FCEL) is trading higher Tuesday after the company reported better-than-expected financial results for the third quarter of 2021.
FuelCell reported a quarterly loss of 4 cents per share, which beat the estimate of a loss of 5 cents per share. The company reported quarterly revenue of $26.8 million, which beat its estimate of $20.69 million.
FuelCell said its cash and cash equivalents and limited cash and cash equivalents totaled $494 million at the end of the quarter.
“FuelCell Energy delivered higher revenues in the fiscal third quarter, both sequentially compared to the second fiscal quarter and year over year. We are pleased with the continued execution of our project backlog and the advancement of our strategic agenda in infrastructure, solutions and talent to support our ability to achieve our long-term goals,” said Jason Few, president and CEO of FuelCell.
“We have made progress in advancing our inflight projects and combined with an increase in our investment in commercial capabilities and research and development activities, we believe we position FuelCell Energy for long-term growth and sustainable commercial success,” added Few to it.
FuelCell designs, manufactures, sells, installs, operates and maintains fuel cell products that efficiently convert chemical energy in fuels into electricity through a series of chemical reactions.
FCEL Price Action: FuelCell has traded as high as $29.43 and as low as $1.58 in a 52-week period.
The stock rose 28.5% to $7.22 at the time of publication.
Photo: Courtesy of FuelCell.
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