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Bloom Energy (BE) Q2 Loss Narrower Than Expected, Sales Beat

Bloom Energy Corporation BE reported second-quarter 2020 loss of 38 cents per share, narrower than the Zacks Consensus Estimate of a loss of 59 cents. In the year-ago quarter, the company reported a loss of 59 cents.

Total Revenues

Its total second-quarter 2020 revenues were $187.9 million, which beat the Zacks Consensus Estimate of $169 million by 11.2%. Total revenues, however, declined 6.2% year over year.

Highlights of the Release

During the reported quarter, the business was strong despite COVID-19 impacts. Acceptance (100kW) improved 12.9% year over year to 306. Bloom Energy’s systems favorable power density compared with other clean energy sources has been making it popular for providing on-site power solutions to customers, resulting in increasing acceptance. An acceptance occurs when the system is turned on and produces full power for customers.  

Total operating expenses amounted to $41.8 million, decreasing 17.7% from the year-ago period.

Bloom Energy Corporation Price, Consensus and EPS Surprise

Bloom Energy Corporation Price, Consensus and EPS Surprise

Bloom Energy Corporation price-consensus-eps-surprise-chart | Bloom Energy Corporation Quote

Financial Position

Bloom Energy had cash and cash equivalents of $144.1 million as of Jun 30, 2020, down from $202.8 million on Dec 31, 2019.
 
Total liabilities as of Jun 30, 2020 were $1,528.1 million, reflecting a 2.5% increase from $1,490.5 million on Dec 31, 2019.

The company's net cash (used in) provided from operating activities during first-half 2020 was ($40.2) million compared with $103.6 million in the comparable prior-year period.

Zacks Rank

Bloom Energy currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

TC Energy Corporation TRP is scheduled to release second-quarter results on Jul 30. The Zacks Consensus Estimate for earnings for the quarter is currently pegged at 67 cents per share.

Ameresco, Inc. AMRC is scheduled to release second-quarter results on Aug 3. The Zacks Consensus Estimate for quarterly earnings is currently pegged at 10 cents per share.

Ormat Technologies, Inc. ORA is scheduled to release second-quarter results on Aug 4. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is currently pegged at 38 cents per share.

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