FuelCell tumbles on weak Q3 results - FCEL News | RalliesFuelCell tumbles on weak Q3 results
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FCEL• FuelCell shares fall after weak Q3 results
- Renewable power firm FuelCell Energy's shares FCEL.O fell 16.5% to $14.3, a more than three-month low.
- FCEL missed Q3 revenue estimates as module deliveries to Korean customers declined year over year.
- Deliveries were affected by an equipment upgrade during the quarter, causing lower energy generation output, the company said.
- FCEL reported Q3 revenue of $33 million, below estimates of $38.3 million according to LSEG compiled data.
- The company posted a Q3 loss of 64 cents per share, compared with analysts' estimates for a loss of 41 cents per share.
- FCEL said product and manufacturing costs exceeded contract pricing due to low production volumes, leading to inventory charges.
- Four of eight brokerages rate the stock "buy" or higher, two rate it "hold" and two rate it "sell"; the median price target is $25.5, LSEG data shows.
- Including the session's move, the stock has nearly doubled year to date.
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