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Plug Power Earnings: PLUG Stock Plunges on Q1 Miss

William White

Plug Power earnings for the first quarter of the year have PLUG stock falling on Wednesday.

Plug Power Earnings: PLUG Stock Plunges on Q1 Miss

Plug Power (NASDAQ:PLUG) reported losses per share of 15 cents for the first quarter of 2019. This is worse off than the company’s losses per share of 9 cents from the first quarter of 2018. It was also a blow to PLUG stock by missing Wall Street’s losses per share estimate of 10 cents for the period.

The Plug Power earnings report for the first quarter of the year also includes a net loss of $33.94 million. This is a wider net loss than the $19.84 million reported in the same period of the year prior.

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Plug Power earnings for the first quarter of 2019 have operating loss coming in at $23.47 million. The hydrogen fuel cell maker reported an operating loss of $20.94 million for the first quarter of the previous year.

The most recent Plug Power earnings report has revenue for the quarter sitting at $18.59 million. This is a drop from the company’s revenue of $26.42 million reported during the same time last year. It was also bad news for PLUG stock by coming in below analysts’ revenue estimate of $32.88 million for the quarter.

Despite the poor showing for the first quarter of the year, Plug Power isn’t lowering its outlook for 2019. The company says that it still continues to expect gross billing for the year to range from $235 million to $245 million.

PLUG stock was down 4% as of noon Monday.

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As of this writing, William White did not hold a position in any of the aforementioned securities.

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