Plug Power's Stock Tumbles After Results Improve, But Less Than Expected
Plug Power's stock plunged 16% in premarket trade after the fuel cell technology company reported a wider-than-expected loss while sales rose less than forecast. For the quarter ended Sept. 30, the net loss narrowed to $9.38 million, or 6 cents a share, from $15.9 million, or 19 cents a share, in the year-earlier period. Excluding non-recurring items, the adjusted loss per share was 4 cents, compared with the FactSet consensus analyst loss estimate of 3 cents. Revenue rose to $19.9 million from last year's $4.6 million, but missed analyst projections of $24.4 million. The company shipped 857 of its GenDrive units during the quarter, or more than five times the 155 units shipped a year ago. Through Tuesday, the stock has more than tripled so far this year, compared with a 10% gain in the S&P 500.
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