Categories AlphaGraphs, Earnings, LATEST, Other Industries

Plug Power Q2 loss narrows on strong revenue growth, beats Steet view

plug power stock
Picture Courtesy: Plug Power

Alternative energy technology company Plug Power (NASDAQ: PLUG) reported a narrower net loss for the second quarter of 2019, aided by a 61% surge in revenues. The results also topped the Street view and the company’s stock gained about 3% early Tuesday.

The New York-based company reported a net loss of $18.59 million or $0.08 per share for the June quarter, compared to a loss of $25.9 million or $0.12 per share last year. The market was looking for a slightly wider loss.

During the quarter, Plug Power deployed more than 2,000 GenDrive units, representing a 70% annual growth, and reported gross billings of $58.6 million, up 50%. Under a partnership with DHL-subsidiary StreetScooter, the company secured the first commercial-scale deployment of ProGen fuel cells for on-road logistics.

Plug Power (PLUG) Q2 2019 revenue  rise 61%

The improvement in the bottom line performance is attributable to a 61% annual increase in revenues to $57 million. The top-line also surpassed analysts’ projection.

The management, meanwhile, reaffirmed its full-year 2019 guidance for gross billings in the range of $235 million to $245 million. Operating income is forecast to grow sharply and adjusted EBITDA to remain positive. Going forward, the focus will be on providing an economic and sustainable value proposition to end-customers while improving overall margins through various measures including cost reduction.

Also see: Plug Power Q1 2019 Earnings Conference Call Transcript

During the second quarter, Plug Power acquired EnergyOr, a Montreal-based firm specialized in ultra-lightweight compact PEM hydrogen fuel cell systems. The deal is expected to allow the company to expand its ProGen suite to address robotics and small-scale material handling.

PLUG stock has gained 57% so far this year and 3.5% in the trailing 52 weeks. It rose about 3% during Tuesday’s premarket trading session, after closing the previous session lower.

We’re on Apple News! Follow us to receive the latest stock market, earnings and financial news at your fingertips

Most Popular

Snowflake (SNOW) appears to be on solid footing despite cloud slowdown

The cloud computing market witnessed accelerated growth in the last couple of years, as enterprises across the world shifted their digital assets to cloud for ensuring safety and enhancing data

Dollar Tree (DLTR) vs. Dollar General (DG): How did the third quarter turn out for these discount retailers?

In times of high inflation and economic uncertainty, consumers tend to turn to discount retailers in search of more value. The two leading discount retailers Dollar Tree Inc. (NASDAQ: DLTR)

Kroger (KR) looks set to start 2023 with new vigor. Is the stock a buy?

The retail environment has witnessed many changes in customers’ shopping behavior lately, especially after the COVID outbreak. With inflation putting pressure on personal finances, there appears to be a new

Add Comment
Viewing Highlight