Best Buy and This Stock Down Big After Earnings
FuelCell Energy Inc. ‘s (NASDAQ:FCEL) fourth quarter loss narrowed due mainly to positive revenue growth. Loss narrowed to $7.1 million (loss of 6 cents per diluted share) from $12.1 million (loss of 11 cents per share) in the same quarter a year earlier. Revenue rose 76.2% to $34.7 million from the year earlier quarter. FCEL beat the mean analyst estimate of a loss of 7 cents per share. It beat the average revenue estimate of $32.9 million.
“Our business model is well suited for global expansion as the attributes of our power plants provide financially attractive solutions for customers and we are able to offer localization of certain aspects of the power plants, providing sustainable local job creation,” said Chip Bottone, President and CEO of FuelCell Energy, Inc. “We continue to align ourselves with a select group of partners that understand the power industry and are well positioned to drive market growth. This is illustrated by our recent partnership announcement with Abengoa to build a market for renewable biogas and liquid biofuels in Europe and Latin America and our announcement that POSCO Power is expanding in Southeast Asia.”
Competitors to Watch: Ballard Power Systems Inc. (NASDAQ:BLDP), Hoku Corporation (NASDAQ:HOKU), Energy Conversion Devices, Inc. (NASDAQ:ENER), Ascent Solar Tech., Inc. (NASDAQ:ASTI), First Solar, Inc. (NASDAQ:FSLR), Evergreen Solar, Inc. (NASDAQ:ESLR), DayStar Technologies Inc. (NASDAQ:DSTI), SunPower Corporation (NASDAQ:SPWRA), and ZBB Energy Corporation (NYSE:ZBB).
Best Buy Co. (NYSE:BBY) reported its results for the third quarter. Net income for the electronics store fell to $154 million (42 cents per share) vs. $217 million (54 cents per share) a year earlier. This is a decline of 29% from the year earlier quarter. Revenue rose 1.8% to $12.1 billion from the year earlier quarter. BBY reported adjusted net income of 47 cents per share. By that measure, the company fell short of mean estimate of 51 cents per share. Analysts were expecting revenue of $12.14 billion.
“I’d like to thank our employees around the world for their tireless efforts during the third quarter and a successful kickoff to the holiday selling season,” said Brian J. Dunn, CEO of Best Buy. “We took actions to provide value to customers and drive our business in this competitive consumer environment. We are pleased to report positive traffic, comparable store sales growth and continued progress on our key strategic focus areas, highlighted by strong performance online.”
Competitors to Watch: CONN’S, Inc. (NASDAQ:CONN), RadioShack Corporation (NYSE:RSH), hhgregg, Inc. (NYSE:HGG), GameStop Corp. (NYSE:GME), Apple Inc. (NASDAQ:AAPL), Target (NYSE:TGT), Wal-Mart (NYSE:WMT), Funtalk China Hldgs. Ltd. (NASDAQ:FTLK), Systemax (NYSE:SYX), Amazon.com (NASDAQ:AMZN) and eBay (NASDAQ:EBAY).