Capstone Reports LossFriday, June 14, 2013
Shares of Capstone Turbine Corp. fell nearly 10 percent on Friday after the company reported a net loss in its fiscal fourth quarter.
After the markets closed on Thursday, the Chatsworth maker of small turbines reported a net loss of $4.1 million (1 cent a share) in the fourth quarter ended March 31, compared with a net loss of $8.3 million (3 cents) for the same quarter a year earlier. Revenue was up 18 percent to $35.4 million.
Analysts had expected the company to lose 1 cent on revenue of $35.8 million, according to Thomson Financial Network.
For the full year, the company reported a net loss of $22.6 million (7 cents), compared with a net loss of $18.8 million (7 cents) a year earlier. Revenue rose 17 percent to $127.6 million. Analysts had expected a loss of 7 cents on revenue of $128.5 million.
Capstone Chief Executive Darren Jamison said the last fiscal year was the best the company has ever had and that he is excited for the future. The company has a record $149 million order backlog.
“Capstone has entered fiscal 2014 with brisk order momentum and expanding market drivers, and we are determined to deliver another banner year for growth and margin expansion," he said in a prepared statement.
Last month, New York real estate developer Related Cos. placed orders for the firm’s microturbine energy systems. The turbines are to be installed at Related’s 360-acre Hudson Yards mixed-used project in Manhattan. The company also announced last month an order from Southern California Gas Co.
And in March, Capstone received orders totaling five megawatts through one of its Mexican distributors.
Shares on Friday closed down 13 cents, or 9.7 percent, to $1.15 on the Nasdaq.