Plug Power (PLUG) Misses Q2 Earnings & Revenue Estimates
Plug Power Inc. PLUG reported a loss of 12 cents per share in second-quarter 2018 results, wider than the Zacks Consensus Estimate of a loss of 8 cents by 50%.
The figure was wider than a loss of 10 cents incurred in the year-ago quarter.
Plug Power’s quarterly revenues of $39.9 million lagged the Zacks Consensus Estimate of $42 million by 5%. The figure surged 75% from $23 million in the year-ago quarter.
Highlights of the Release
In the quarter under review, Plug Power initiated the shipping of new GenDrive 2440-36R fuel cell system for Class-2 electric forklifts.
Total operating expenses amounted $20.6 million compared with $24.5 million in the year-ago quarter. The downside was primarily caused by 31.6% fall in Selling, general and administrative expenses.
Plug Power, Inc. Price, Consensus and EPS Surprise
Plug Power, Inc. Price, Consensus and EPS Surprise | Plug Power, Inc. Quote
As of Jun 30, Plug Power’s cash and cash equivalents were $15 million compared with $24.8 million as of Dec 31, 2017.
As of Jun 30, Long-term debt was $15.3 million, compared with $13.4 million as of Dec 31, 2017.
Net cash used in operating activities at the end of first half 2018 was $45.2 million compared with $58.3 million in the year-ago period.
Plug Power expects sales in the third quarter within the range of $47-$52 million.
The company projects 2018 revenue guidance in the range of $155-$180 million and projected positive EBITDAS in the second half of 2018.
Zacks Rank & Stocks to Consider
Plug Power currently carries a Zacks Rank #4 (Sell).
A few better-ranked stocks from the same sector are Altra Industrial Motion Corp AIMC, Pentair plc PNR and Roper Technologies, Inc ROP. While Altra Industrial Motion sports a Zacks Rank #1 (Strong Buy), Pentair and Roper Technologies carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Altra Industrial Motion surpassed estimates thrice in the trailing four quarters with an average positive earnings surprise of 4.01%.
Pentair exceeded earnings estimates thrice in the trailing four quarters, the average beat being 2.50%.
Roper Technologies surpassed earnings estimates in each of the trailing four quarters, the average beat being 4.48%.
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