Plug Power (NASDAQ:PLUG) stock is falling on Tuesday after the hydrogen and fuel cell development company released its first-quarter earnings report.
That’s despite the company bringing in adjusted EPS of -35 cents alongside revenue of $210.29 million. For the period, revenue beat the $205.14 million Wall Street had expected while EPS came in steeper than the -26 cents per share analysts had forecast.
It looks like the company’s EPS is behind today’s move downward. Plug’s EPS loss also came in wider than the -27 cents reported in Q1 2022. The widening loss for the company is the result of hydrogen prices increasing over the last year.
The company said the following about fuel cell costs increasing in its earnings report:
“As expected, fuel margin remained under pressure due to increased hydrogen molecule cost associated with historically higher natural gas prices and continued supplier disruptions. Cost of fuel per kg delivered by third parties was down 13% sequentially in the first quarter of 2023, and we expect this downward trend and tailwind to continue in the balance of the year as natural gas has remained below $3.”
How This Affects PLUG Stock
Plug Power stock is seeing heavy trading today alongside its earnings news. This has some 24 million shares changing hands. For the record, it’s daily average trading volume is about 18.6 million shares.
PLUG stock is down 13.2% as of Tuesday morning.
Plug Power isn’t the only green energy vehicle stock taking a beating today!
Several companies in the sector are seeing their shares fall on Tuesday! A few examples include Lucid Group (NASDAQ:LCID), Fisker (NYSE:FSR) and Nikola (NASDAQ:NKLA) stocks all dropping today. You can get up to speed on this news at the following links!
More Tuesday Stock Market News
- LCID Stock Alert: The REAL Reason Shares Are Down 9% Today
- Fisker (FSR) Stock Sinks 3% After Cutting Production Guidance
- Why Is Nikola (NKLA) Stock Down Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
