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.

Plug Power third quarter 2018 Earnings Infographic

 

 

 

 

Listen to publicly listed companies’ earnings conference calls along with the edited closed caption text.

Most Popular

FDX Earnings: FedEx Q1 adjusted earnings drop; revenue up 5%

Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in first-quarter adjusted earnings, despite an increase in revenues. The company also provided guidance for fiscal 2023. Net income, adjusted

Key highlights from Darden Restaurants (DRI) Q1 2023 earnings results

Darden Restaurants, Inc. (NYSE:DRI) reported first quarter 2023 earnings results. Total sales increased 6.1% year-over-year to $2.4 billion, driven by blended same-restaurant sales growth of 4.2%. Net earnings amounted to

ACN Earnings: Key quarterly highlights from Accenture’s Q4 2022 financial results

Accenture (NYSE: ACN) reported fourth quarter 2022 earnings results today. Total revenues were $15.4 billion, up 15% year-over-year in US dollars and up 22.4% in local currency. Net income attributable

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top