By Christiana Sciaudone
Investing.com -- Shares of hydrogen fuel cell systems maker Plug Power (NASDAQ:PLUG) jumped 25% after the company raised its 2024 revenue target to $1.2 billion from $1 billion.
While companies around the world are cutting estimates, Plug is forecasting operating income at $210 million, up from $170 million, and adjusted earnings before interest, taxes, depreciation and amortization of $250 million, up from an earlier estimate of $200 million. The new forecasts come after Plug Power completed its acquisitions of United Hydrogen Group Inc. and Giner ELX.
The company has three buy-equivalent ratings, according to Briefing.com, and is trading at its highest level in at least five years.
The additional capacity will serve rapidly growing demand from current customers as well as growing hydrogen markets, including potential need from large industrial clients in steel, fertilizer and ammonia manufacturing markets, according to a company press release.