Capstone Turbine Corp. fell short of Wall Street estimates on revenue in fiscal 2018 but beat on earnings.
The Van Nuys manufacturer of natural gas-powered microturbines for industrial and commercial uses reported on Thursday a net loss of $10 million (-20 cents a share) on revenue of $82.8 million for the fiscal year ending March 31. That compares to a net loss of $25.2 million (-79 cents) on revenue of $77.2 million for the previous fiscal year.
Analysts on average expected earnings of -22 cents on revenue of $83.6 million, according to Thomson Financial Network.
Chief Executive Darren Jamison put a positive spin on the results by calling fiscal 2018 a pivotal inflection point for the company and the entire Capstone team was excited to build on its momentum.
“We have done an excellent job of cutting costs, and we must maintain our discipline as we look to increase our revenue growth during fiscal 2019 and beyond,” Jamison said in a statement. “In the year ahead, we will continue to improve our cash flow, increase sales by expanding our distributor network and diversify into new markets and geographies.”
Earnings were released after the market closed. Shares in Capstone (CPST) closed Thursday up 1 cent, or less than 1 percent, to $1.81 on the Nasdaq.