Tuesday, January 13, 2015

Plug Power stock jumps on upbeat order outlook

Fuel cell provider Plug Power's stock jumped more than 16% after it reported earnings on Thursday and said it expected 2014 orders to hit more than $150 million, which is almost four times its total for 2013.

It was trading around $7.94 soon after the market opened.

The company's revenue for the fourth quarter of 2013 was $8.0 million. For the same period 2012, it had revenue of $5.9 million.

Yet, it had a net loss of $28.9 million in the fourth quarter. For the same period 2012, it had a net loss of $8.5 million.

That large loss was mainly because of a charge of $20 million related to a change in the fair value of previously issued common stock warrants, said Bloomberg. Excluding the charge, the loss narrowed to $8 million, or 8 cents a share, from $9.59 million, or 25 cents a share.

Analysts expected the company to lose 8 cents a share in the fourth quarter.

Plug Power, which puts fuel cells into forklifts, said that during the fourth quarter, it received sales and maintenance orders from "significant customers" such as Walmart, Kroger, BMW and Mercedes-Benz.

For the full year 2013, revenue hit $26.6 million.That's slightly down from full-year 2012, when total revenue of $26.1 million.

Full year net loss was $62.8 million. In 2012, that net loss was $31.9 million.

Shipments of its products were down in the fourth quarter 2013 as well as for full-year 2013.

It shipped 279 units during the fourth quarter vs 518 units in the same time 2012. For full year, it shipped 918 units compared to 1,391 in 2012.

Sales orders for the year 2014 already exceeded $60 million, Plug Power said in a statement.

" I am more bullish than ever that Plug Power is moving into a rapid-growth cycle," CEO Andy Marsh said in a statement on Thursday.

Plug Power had a strong surge in the stock market of late, but has been up and down over the last year. It's 52-week price ranged from 15 cents to $11.72.

Contributing: Gary Strauss, John Waggoner!

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