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Plug Power (PLUG) Q4 Loss Wider Than Expected, Ups '18 View

ByZacks Investment Research
Published 03/07/2018, 09:14 PM
Updated 07/09/2023, 06:31 AM

Plug Power Inc. (NASDAQ:PLUG) reported a loss of 9 cents per share in the fourth quarter of 2017, wider than the Zacks Consensus Estimate of a loss of 7 cents by 28.6%.

Reported loss was also wider than the loss of 8 cents incurred in the year-ago quarter.

On a GAAP basis, the company reported a loss of 9 cents per share narrower than a loss of 11 cents per share in the year-ago quarter. The difference between operating and GAAP loss in the fourth quarter was due to the impact of warrant related charges.

Plug Power, Inc. Price, Consensus and EPS Surprise

Plug Power, Inc. Price, Consensus and EPS Surprise | Plug Power, Inc. Quote

Total Revenues

Plug Power’s quarterly revenues of $32 million lagged the Zacks Consensus Estimate of $35 million by 8.6%. Total revenues were lower than the year-ago figure of $33 million by 3%.

Highlights of the Release

Plug Power deployed 1400 GenDrive units and three GenKey sites in the fourth quarter of 2017. The company completed nearly $125 million in new bookings in the quarter, bringing the 2017 total bookings to $285 million.

Total operating expense in the quarter under review was $17.06 million compared with $14.9 million in the year-ago quarter. The increase in operating expenses was primarily due to 40.5% increase in the research & development expense.

Financial Update

As of Dec 31, Plug Power’s cash and cash equivalents were $24.8 million compared with $46 million in the period ended Dec 31, 2016.

Long-term debt was $13.4 million at the end of 2017, compared with $20.8 million at 2016-end.

Net cash used in operating activities in the 2017 was $60.2 million compared with $29.6 million in corresponding quarter of the previous year.

Guidance

The company provided sales guidance for first-quarter 2018 of $22 to $24 million which will represent growth of 45-60% over the prior year. Further, the company estimate sales in 2018 in the range of $155-$180 million which will represent growth of 16-34%.

Zacks Rank

Plug Power currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Peer Performance

Regal Beloit Corporation (NYSE:RBC) reported adjusted earnings of $1.14 per share for fourth-quarter 2017 in line with the Zacks Consensus Estimate. In past 30 days, the Zacks Consensus Estimate for 2018 has moved up by 3.5% to $5.58.

Rexnord Corporation (NYSE:RXN) reported earnings of 37 cents per share for fourth-quarter 2017, surpassing the Zacks Consensus Estimate of 27 cents by 37%. In past 30 days, the Zacks Consensus Estimate for 2018 has moved up by 0.8% to $1.34.

Capstone Turbine Corporation (NASDAQ:CPST) reported a loss of 1 cent per share for fourth-quarter 2017, narrower than the Zacks Consensus Estimated loss of 6 cents by 83.3%. In past 30 days, the Zacks Consensus Estimate for 2018 has moved up by 8.3% to negative 22 cents per share.

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Capstone Turbine Corporation (CPST): Free Stock Analysis Report

Plug Power, Inc. (PLUG): Free Stock Analysis Report

Rexnord Corporation (RXN): Free Stock Analysis Report

Regal Beloit Corporation (RBC): Free Stock Analysis Report

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Zacks Investment Research

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