Categories Earnings, Energy

Plug Power (PLUG) reports wider Q3 loss; revenues miss estimates; stock falls

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.

Related: Chesapeake Energy Q3 2019 Earnings Snapshot

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.

Plug Power (PLUG) reports wider Q3 loss; revenues miss estimates; stock falls

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.

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

Most Popular

V Earnings: Key quarterly highlights from Visa’s Q1 2023 financial results

Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew

Earnings: Highlights of Intel’s (INTC) Q4 2022 financial results

Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter

McCormick (MKC) expects to drive sales growth in 2023 through pricing actions and cost savings

Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings

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