FuelCell Energy Inc., a U.S. maker of fuel-cell power plants, fell the most in four months Tuesday after the company said production wouldn’t increase in early 2012.

The stock dropped 16 percent to close at 92 cents in New York, the lowest since Aug. 8, after reporting its annual production run-rate would remain at 56 megawatts in the first quarter.

FuelCell, based in Danbury, Connecticut, reported fourth-quarter revenue of $34.7 million, up from $19.7 million a year ago. The company met per-share estimates and exceeded revenue forecasts, Bloomberg data show.

“What hurt the stock today was that the outlook was lower than everybody anticipated,” Michael Lew, an analyst at Needham and Co., said in a telephone interview in New York. “With such strong, beat-the-street numbers, one would expect it a little higher,” said Lew, who rates the shares “hold.”

Monday, shares climbed 15 percent, the most since Sept. 7, to $1.09 after FuelCell announced an agreement to supply equipment to Spain’s Abengoa SA for biogas projects.

The stock has declined 60 percent this year.