FuelCell Surges After Third-Quarter Sales Jumped 65 Percent

FuelCell Energy Inc. (FCEL), a maker of low-pollution power plants, surged 17 percent in premarket New York trading after reporting sales that exceeded analysts’ estimates and a record backlog of orders in its fiscal third quarter.

FuelCell climbed...

17 cents to $1.20 at 8:36 a.m. in Nasdaq Stock Market trading. The Danbury, Connecticut-based company, which initially sold shares in June 1992 at $9 each, had declined 55 percent this year.

Revenue for the quarter that ended July 31 rose to $31.2 million, up from $18.9 million a year earlier, mainly on deliveries to South Korea, FuelCell said yesterday in a statement. It reported an order backlog of $231 million at the end of the quarter. The company was expected to have sales of $28.8 million, the average of five analyst estimates compiled by Bloomberg.

Source: Christopher Martin, Bloomberg