Alternative energy technology company Plug Power, Inc. (NASDAQ: PLUG) reported a wider net loss for the third quarter of 2019, which matched expectations. Revenues increased but missed the estimates. The company also provided positive long-term guidance. The stock dropped sharply during Thursday’s pre-market trading session.
The New York-based firm reported an adjusted loss of $0.08 per share for the quarter, wider than the $0.07 per share loss recorded last year. The outcome matched the Street view.
Reported net loss was $21.24 million or $0.09 per share for the September-quarter, compared to a loss of $15.58 million or $0.07 per share a year earlier.
Revenues up 6%
Meanwhile, net revenues grew 6% annually to $56.38 million during the quarter, but fell short of expectations. Around 68% of the total gross billings was associated with company’s subscription program.
During three-month period, the company deployed more than 1,700 GenDrive fuel cell systems to new and recurring customers like Walmart (WMT) and Kroger (KR). It also secured Fiat Chrysler Automobiles as a new GenKey customer.
Guidance
The management reaffirmed its guidance for full-year gross billings in the range of $235 million to $245 million and provided detailed five-year plan with an annual target of $1 billion gross billings by 2024.
Channel Partnership
The annual targets for operating income and adjusted EBITDA are $170 million and $200 million, respectively. The management signed a channel partnership agreement with ENGIE to expand hydrogen use in logistic sectors across more than 50 countries to end-users in distribution centers, manufacturing facilities and logistics.
Also see: Plug Power Q2 2019 Earnings Conference Call Transcript
Plug Power shares declined early Thursday, immediately after the earnings report. The stock has gained 86% since the beginning of the year.
Most Popular
CCL Earnings: Carnival Corp. Q4 2024 revenue rises 10%
Carnival Corporation & plc. (NYSE: CCL) Friday reported strong revenue growth for the fourth quarter of 2024. The cruise line operator reported a profit for Q4, compared to a loss
Key metrics from Nike’s (NKE) Q2 2025 earnings results
NIKE, Inc. (NYSE: NKE) reported total revenues of $12.4 billion for the second quarter of 2025, down 8% on a reported basis and down 9% on a currency-neutral basis. Net
FDX Earnings: FedEx Q2 2025 adjusted profit increases; revenue dips
Cargo giant FedEx Corporation (NYSE: FDX), which completed an organizational restructuring recently, announced financial results for the second quarter of 2025. Second-quarter earnings, excluding one-off items, were $4.05 per share,
