5 Takeaways From Plug Power's Disappointing Q3 Earnings
Reporting a $0.04 loss per share adjusted for non-recurring costs, Plug Power (NASDAQ: PLUG) met analysts' estimates for the third quarter. The company, an industry leader in fuel-cell solutions, celebrated several achievements; however, investors weren't convinced that the quarter was a success. Shares sank 14% the day when the company reported. What electrified management's optimism and investors' chagrin? Let's dive in to the earnings report to gain a better understanding of the company's quarterly performance.
Consistent with management's forecast, Plug Power reported a company record in terms of production during the quarter: deployment of nine GenKey sites and 2,753 GenDrive units. This translated to GAAP gross revenue -- gross sales before adjusting for warrants -- of more than $64 million, representing a 250% year-over-year increase. Following the company's Q3 performance, management reaffirmed guidance for fiscal 2017 revenue of $130 million, which, if the company achieves, will represent a 51% increase over the $84 million, that it reported in fiscal 2016.
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Source: Fool.com