Capstone Turbine Corp. missed Wall Street estimates on earnings and revenue in the fiscal third quarter.
The Van Nuys microturbine manufacturer reported on Thursday a net loss of $4.9 million (-59 cents a share) for the quarter ending Dec. 31, compared with a net loss of $3.5 million (-50 cents) in the same period a year earlier. Revenue dropped by 4 percent to $17.4 million.
Analysts on average expected earnings of -47 cents on revenue of $19.7 million, according to Thomson Financial Network.
The company attributed the lower revenue to fewer microturbines shipped due to weakness in the U.S. natural resources market.
Chief Executive Darren Jamison said the company was continuing to execute its strategic plan to reduce quarterly cash burn, lower operating expenses and improve gross margins.
For example, last month Capstone announced it would split its marketing and sales team into two separate organizations to lower costs and improve overall effectiveness.
“We have built this plan to succeed with conservative revenue assumptions despite our belief that we are in the early stages of a long-term growth cycle being driven by distributed energy generation and energy as a service,” Jamison said in a statement.
Shares of Capstone (CPST) closed Friday down 8 cents, or 3 percent, to $2.58 on the Nasdaq.