FuelCell Energy Reports Third Quarter Results
FuelCell Energy, Inc. reported results for its third quarter ended July 31, 2010 and its latest accomplishments. FuelCell Energy reported total revenues for the third quarter of 2010 of $18.9 million compared to $23.0 million in the same period last year. Product sales and revenues in the third quarter were $16.2 million compared to $18.7 million in the prior year quarter and $13.0 million for the second quarter of 2010. Revenue increased over the second quarter of 2010 with 3.4MW of orders received. Total product sales and service backlog as of July 31, 2010, was $79.8 million compared to $104.8 million as of July 31, 2009. Three orders were received subsequent to July 31, 2010 which will add $13.1 million to backlog in the fourth quarter of 2010.
Margins for product sales and revenues improved over the prior year quarter by $3.7 million, reflecting the positive impact of the company’s strategy and success with product cost reductions and technology enhancements. The product cost-to-revenue ratio was 1.24-to-1.00 in the third quarter of 2010 compared to 1.40-to-1.00 in the third quarter of 2009 and 1.47-to-1.00 in the second quarter of 2010.