Plug Power (NASDAQ:PLUG) earnings for the hydrogen fuel cell company’s second quarter of 2020 have PLUG stock charging up on Thursday. That is due to its diluted losses per share of 3 cents beating out Wall Street’s estimate for a loss of 10 cents. Its revenue of $68.07 million also comes in well above Wall Street’s estimate of $59.47 million.
Here are some additional highlights from the most recent Plug Power earnings report.
- Diluted per-share losses are 62.5% better than the 8-cent loss from the same time last year.
- Revenue for the quarter comes in 18.3% higher than the $57.54 million reported in Q2 2019.
- Operating loss of $26.34 million is 120.6% wider year-over-year than a loss of $11.94 million.
- The Plug Power earnings report also includes a net loss of $8.67 million.
- That’s a 52.1% improvement over the company’s net loss of $18.09 million in the same period of the year prior.
Plug Power President and CEO Andrew Marsh and CFO Paul Middleton said the following in a letter to shareholders.
“Despite the COVID-19 global crisis, Plug Power has deployed over 5,000 fuel cell units year-to-date with customers, with over 545.1 million hours of runtime in the field and 29.4 million hydrogen fills performed. These staggering numbers underscore the importance of the impact our products are making on the global supply chain and sustainability during this pandemic.”
Plug Power also includes guidance for the third quarter of 2020 in its earnings report. It’s expecting gross billings for the period to range from $110 million to $115 million. The company also reaffirms its guidance for 2020.
Today’s positive movement indicates that PLUG stock has potential for investors. It’s possible that further gains are on the way for the company.
PLUG stock was up 17.7% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.