Plug Power Inc (NASDAQ:PLUG) stock was down today following the release of preliminary results for its fourth quarter of 2017.
The preliminary results from Plug Power Inc’s most recent earnings report were revealed in an 8-K filing with the SEC. In the filing, PLUG says it expects revenue for the quarter to come in below $30 million. This will have it missing Wall Street’s revenue estimate of $31.99 million for the fourth quarter of 2017.
Plug Power Inc also notes that it is expecting revenue for the full year of 2017 to come in below $130 million. Yet again, this would have it missing analysts’ revenue estimate for the period, which is set at $134.63 million.
Included in the preliminary results for the fourth quarter of 2017 is an operating loss of $19,622. Operating loss for the full year of 2018 is expected to be $36,381. PLUG is also reporting a preliminary Adjusted EBITDAS loss of $15,015 for the quarter and $2,127 for the year.
The preliminary results for the most recent quarter also includes a revenue expectations for the first quarter of 2018. This has revenue ranging from $22 million to $24 million for the period. This also isn’t good news for PLUG stock as Wall Street is estimating revenue of $38.35 million for the first quarter of 2018.
There are a few other disappointments that the company points out in its preliminary results for the fourth quarter of 2017. This includes shortfalls due to service and hydrogen costs. It also says that its cash position was hurt by margin crunch. Bookings were another disappointment due to the timing for closing a third mega deal.
PLUG stock was down 7% as of noon Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.