FuelCell Energy (FCEL) saw its loss widen to $12.86 million, or $0.41 a share for the quarter ended Oct. 31, 2016. In the previous year period, the company reported a loss of $8.86 million, or $0.38 a share. Revenue during the quarter plunged 52.43 percent to $24.47 million from $51.45 million in the previous year period. Gross margin for the quarter stood at negative 1.91 percent as compared to a positive 6.11 percent for the previous year period. Operating margin for the quarter stood at negative 48.24 percent as compared to a negative 15.29 percent for the previous year period.
Operating loss for the quarter was $11.80 million, compared with an operating loss of $7.87 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $10.35 million compared to negative $6.72 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 42.30 percent for the quarter compared to negative 13.06 percent in the last year period.
“We are focused on developing and closing projects as we take near-term actions to reduce spending and our cost structure,” said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc.
Working capital increases
FuelCell Energy has recorded an increase in the working capital over the last year. It stood at $150.21 million as at Oct. 31, 2016, up 16.43 percent or $21.20 million from $129.01 million on Oct. 31, 2015. Current ratio was at 3.87 as on Oct. 31, 2016, up from 2.72 on Oct. 31, 2015.
Debt comes down significantly
FuelCell Energy has recorded a decline in total debt over the last one year. It stood at $5.28 million as on Oct. 31, 2016, down 28.31 percent or $2.08 million from $7.36 million on Oct. 31, 2015. Fuelcell Energy has recorded a decline in short-term debt over the last one year. It stood at $5.28 million as on Oct. 31, 2016, down 28.31 percent or $2.08 million from $7.36 million on Oct. 31, 2015. Total debt was 1.54 percent of total assets as on Oct. 31, 2016, compared with 2.65 percent on Oct. 31, 2015. Debt to equity ratio was at 0.05 as on Oct. 31, 2016, down from 0.08 as on Oct. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
