Shares of FuelCell Energy (NASDAQ:FCEL) soared today after it reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at -$0.05 with revenue of $37.1 million. This beat EPS estimates of -$0.07 and revenue estimates by more than $11.86 million.
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The company’s backlog decreased on a year-over-year basis from $1.307 billion to $1.061 billion. This is attributable to both the recognition of revenue and the decision to not move forward with certain projects.
Today’s results helped FCEL stock reverse five days of down-trending prices. As a result, shares are now over 6% higher during this timeframe.