PLUG stock tanked this morning after hydrogen fuel cell company Plug Power Inc’s (NASDAQ:PLUG) fourth-quarter performance proved to be a disappointment. The company’s losses for the quarter were in line with analysts’ estimates, but its revenue fell short.
Q4 Losses Worsen
In the fourth quarter, the company generated losses of $18.3 million, which worked out to 7 cents a share. In the prior-year period, Plug Power suffered losses of $16.9 million or 8 cents a share. If one excludes non-recurring items, then the losses were capped at 6 cents a share, and that was in line with analysts’ estimates.
On the other hand, the company’s revenue for the period came in at $91.7 million, which reflected a year-on-year rise of 53%. That being said, revenue was short of analysts’ estimates of $94 million, and this was one of the reasons behind the slide in PLUG stock.
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On the other hand, Plug Power recorded year-on-year growth of 52% in gross billings, which grew to $94.5 million. The billings for the full year hit $236.8 million, and that reflected a rise of 28% from the previous financial year.
FY2020 Outlook
Plug Power projected that in 2020, it expects to generate full-year revenue of $300 million, and if that happens, then it would represent a rise of 27% from the 2019 figure. Despite the drop in the stock price this morning, it should be kept in mind that PLUG stock has soared by 54.1% over the past three months.
PLUG stock has tanked by 6% to $4.47 as investors expressed their disappointment with the most recent earnings report, and it remains to be seen if the stock can recover today. Today’s drop is particularly notable since PLUG stock recorded gains in each of the past four trading sessions.
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