Plug Power Inc. PLUG reported a loss of 10 cents per share in the second quarter of 2017, wider than the Zacks Consensus Estimate of a loss of 7 cents.
Reported loss was also wider than the loss of 4 cents incurred in the year-ago quarter.
On a GAAP basis, the company reported a loss of 19 cents per share compared with a loss of 7 cents per share in the year-ago quarter. The difference between operating and GAAP loss in the second quarter was due to the impact of warrant related charges.
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Total Revenue
Plug Power’s quarterly revenues of $22.6 million lagged the Zacks Consensus Estimate of $28 million by 20.6%. Total revenue was higher than the year-ago figure of $20.4 million by 10.8%. The year-over-year rise was primarily due to high sales of fuel cell systems and increase in Power Purchase Agreements compared with the year-ago period.
Highlights of the Release
Plug Power deployed 891 GenDrive units in the second quarter of 2017, in line with the company’s expectations.
Total operating expense in the quarter under review was $24.5 million compared with $13.8 million in the year-ago quarter. The increase in operating expenses was primarily due to approximately 102% increase in the selling, general and administrative expense.
Financial Update
As of Jun 30, Plug Power’s cash and cash equivalents and restricted cash were reported at $54.1 million compared to $ 100.6 million in the period ended December 31, 2016.
Net cash used in operating activities in the quarter was $34.5 million compared with $808 million in corresponding quarter of the previous year.
Guidance
The company reconfirmed full-year 2017 GAAP revenues at $130 million.
Plug Power anticipates new booking in 2017 to touch $325 million.
Zacks Rank
Plug Power currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peers Performance
Regal Beloit Corporation RBC reported adjusted earnings of $1.29 per share for second-quarter 2017. Adjusted earnings beat the Zacks Consensus Estimate by a penny.
Rexnord Corporation RXN reported earnings of 27 cents per share, surpassing the Zacks Consensus Estimate of 26 cents by 3.8% for first-quarter fiscal 2018.
AZZ Incorporated AZZ posted earnings per share of 51 cents in the first quarter of fiscal 2018 (ended May 31, 2017), missing the Zacks Consensus Estimate by 19.61%.
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