RTTNews | Sep 14, 2021 10:13AM EDT

10:12 Tuesday, September 14, 2021 (RTTNews.com) - Shares of FuelCell Energy, Inc. (FCEL) are surging more than 29% in the morning trade on Tuesday after reporting better-than-anticipated third-quarter results.

The company reported net loss of $12.8 million or $0.04 per share in the third quarter, narrower than net loss of $16.13 million or $0.07 per share in the same quarter a year ago. On average, 9 analysts polled by Thomson Reuters expected the company to report loss of $0.05 per share for the quarter.

Revenue for the quarter increased 43% to $26.8 million from $18.7 million last year, helped primarily by more than 100% growth in service agreements and license revenues. The consensus estimate was for $20.69 million.

"We made progress in advancing our inflight projects and combined with an increase in our investment in commercial capabilities and research and development activities, we believe we are positioning FuelCell Energy for long-term growth and sustainable commercial success," said Jason Few, President and CEO.

FCEL is at $7.28 currently. It has traded in the range of $1.58- $29.44 in the last one year.

Read the original article on RTTNews ( https://www.rttnews.com/3225579/fuelcell-energy-soars-29-after-reporting-narrower-loss-than-consensus-view.aspx)

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