![]() ![]() Given the company’s strong product portfolio, including ProGen and GenDrive fuel cell solutions, its efforts to expand and strengthen its global presence through multiple strategic partnerships, and its addition of new "pedestal" customers, the share price is bound to soar higher in the near future.Īnalysts’ Views Following Earnings Announcement Apart from this, the company’s partnership with SK Group will help it to expand its presence in Asian markets. ![]() The company expects its partnership with French automaker Renault to help meet the increasing demand of hydrogen solutions in Europe. During the earnings call the company said it is seeing "strong sales traction" in its electrolyzer business. Plug Power is at the forefront of providing green hydrogen solutions via electrolysis. Plug Power has gradually emerged as a leader in supporting a hydrogen economy for fueling transportation. With the heightening climate-change concerns, investors are now intrigued by companies that offer green solutions for transportation needs by ensuring zero carbon emissions. The enthusiasm among the investors speaks volumes about the company’s strong fundamentals. Why the PLUG Share Price Hike Despite Mixed Results? Moreover, high freight costs due to the global COVID-19 impact on the ports and transit providers also impacted margins and profits of the company. But the company recently secured some contracts that puts it on a growth trajectory.The company said that the quarterly results were impacted by the Texas freeze in February, which led to a spike in natural gas prices, causing hydrogen prices to increase. Whether the company can reach its lofty revenue goals remains to be seen. Among its many customers are Amazon ( AMZN), BMW, and Walmart ( WMT). A few of its large customers are those that have massive warehouses in which transport is required. For the full year, which ends in January, the loss is expected to narrow from $1.25 per share a year ago to 88 cents per share, while full-year revenue of $1.28 billion would rise 82.8% year over year.įounded in 1997, Plug Power manufactures fuel cell products - the type that replace lead-acid batteries in vehicles and industrial trucks. This compares to the year-ago quarter loss of 30 cents per share on revenue of $151.27 million. But in the near term, PLUG must show progress in gross margin improvement for the stock to rebound.įor the three months that ended June, Wall Street expects Plug Power to report a per-share loss of 25 cents on revenue of $237.4 million. This means they expect average annual revenue growth of 208% in the next seven years. For some context, full year 2023 revenue is projected to be $1.28 billion. However, last month, the management not only boosted its revenue guidance to $1.3 billion, which is now higher than consensus estimates, they also reiterated their annual revenue target of $20 billion by FY2030. ![]() The lack of profits is something that has irked investors for some time. Known for its hydrogen-based technologies including fuel cells and electrolyzers that split water into hydrogen, the company sees itself as the "leading provider of comprehensive hydrogen fuel cell turnkey solutions." While the company has struggled recently with execution, the management has brought Plug much closer to profitability. ![]() The clean hydrogen and fuel-cell technology company is set to report second quarter fiscal 2023 earnings result after the closing bell Wednesday. ![]()
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