Categories AlphaGraphs, Analysis, Energy
Earnings: Plug Power shrinks Q3 loss as revenue beats estimates
Hydrogen fuel cell maker Plug Power Inc (PLUG) posted its third-quarter earnings result before the opening bell on Thursday, November 8. Net revenue for the period soared 54% to $53.2 million, beating the Street estimate of $48.56 million. The stock rose 1.55% in premarket trade following the results.
Net loss shrunk to $15.56 million or $0.07 per share, vs. last year’s loss of $40.98 million or $0.18 per share. The company, however, posted a gross profit of $4.4 million for the third quarter of 2018, compared to a $19.4-million loss a year ago.
In the quarter of 2018, Plug Power sold more 1,400 GenDrive fuel cell units and seven GenFuel hydrogen stations, and delivered products to nine different customers.
Due to this topline growth, the company recently lifted its gross revenue targets to $175-190 million for fiscal 2018. At quarter-end, Plug Power had a total cash of $62.1 million, including cash and cash equivalents of $13.8 million and restricted cash of $48.3 million.
To adhere to the demand, Plug Power also launched a new manufacturing facility in Clifton Park, with the support of NY State’s Empire State Development. The company also announced that as of Nov 8, Plug Power has the capacity to produce about 20,000 fuel cell products annually.
Listen to publicly listed companies’ earnings conference calls along with the edited closed caption text.
Most Popular
Key highlights from Johnson & Johnson’s (JNJ) Q2 2025 earnings results
Johnson & Johnson (NYSE: JNJ) reported its second quarter 2025 earnings results today. Reported sales increased 5.8% year-over-year to $23.7 billion. Operational sales growth was 4.6%. Net earnings grew over
Hasbro (HAS) Earnings Preview: What to expect from the Q2 2025 report
Shares of Hasbro, Inc. (NASDAQ: HAS) stayed red on Tuesday. The stock has gained 43% over the past three months. The toy company is scheduled to report its earnings results
Citigroup (C) Q2 FY25 earnings rise on higher revenues, beat estimates
Banking giant Citigroup Inc. (NYSE: C) reported higher revenues and earnings for the second quarter of fiscal 2025. The numbers also exceeded Wall Street's estimates. Net income increased to $4.0
Comments