Danbury power company FuelCell Energy, Inc. lost $7.9 million in the fourth quarter, narrowing its losses 39 percent from last year thanks to record quarterly revenues.
FuelCell, which specializes in selling distributed generation power plants, reported l revenues for the fourth quarter 2011 of $34.7 million, up 76 percent from the $19.7 million in 2010.
These record revenues helped mitigate the company’s losses to $7.9 million in the fourth quarter, or 6 cents a share, and better than the $12.9 million, or 11 cents per share, lost a year earlier.
FuelCell, which 180 megawatts of power installed in 50 locations worldwide, generally increases its revenues ever year but finishes the quarters and years with earnings losses because of the high cost of its product and installations.
For the company’s fiscal year ended Oct. 31, the company lost $57.9 million, or 47 cents per share, and slightly better than the $58.9 million, or 63 cents per share, lost in the fiscal year 2010.
