FuelCell (NASDAQ:FCEL) stock is falling on Monday after the company disappointed investors with revenue results in its latest earnings report.
The bad news here is the company’s revenue of $25.5 million during the third quarter of 2023. That’s below the $27.72 million that Wall Street was expecting for the quarter. Even worse is the fact that it represents a roughly 40.8% drop year-over-year (YOY) compared to $43.1 million.
Jason Few, President and CEO of FuelCell, said the following about the revenue drop:
“This was primarily a result of lower product revenues due to the lack of module sales compared to sales in the comparable prior year quarter of replacement modules to Korea Fuel Cell Co., Ltd.”
Other FCEL Stock Q3 Results
Despite that massive revenue drop, FuelCell was able to report diluted EPS of -6 cents during the quarter. That’s better than the -8 cents per share that analysts were expecting during the quarter. It’s also an improvement over the company’s -8 cents per share reported in the same period last year.
With the release of today’s earnings report comes some 10 million shares of FCEL stock changing hands. That’s still a ways off from the company’s daily average trading volume of about 14.6 million shares.
FCEL stock is down slightly as of Monday morning and down 46.1% since the start of the year.
Investors looking for even more of the most recent stock market news for today are going to want to keep reading!
We have all of the latest stock market coverage that traders need to know about on Monday! A few examples of this include details on the upcoming Arm initial public offering (IPO), as well as why investors will want to keep tabs on Canopy Growth (NASDAQ:CGC) and Nio (NYSE:NIO) stock later this month. Investors can catch up all of this news by checking out the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
