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The company has a dull earnings surprise history. It has missed the Zacks Consensus Estimate in each of the preceding four quarters, the average miss being 34.7%.
Let’s see how things have shaped up for Plug Power this earnings season.
Plug Power’s second-quarter performance is expected to have benefited from the December 2022 acquisition of the subsidiaries of Cryogenic Industrial Solutions, Alloy Custom Products and WesMor Cryogenics, which has expanded the company’s production capabilities for stainless steel and aluminum cryogenic transport truck-mounted cryogenic pressure vessels, cryogenic transport trailers, and other mobile storage containers. The Zacks Consensus Estimate for PLUG’s second-quarter revenues indicates a 55.7% jump from the year-ago reported number.
Higher sales from hydrogen site installations, liquefiers, cryogenic equipment and electrolyzer stacks and systems are expected to have boosted revenues from sales of equipment, related infrastructure and other. The Zacks Consensus Estimate for revenues from sales of equipment, related infrastructure and other suggests a 67.2% surge from the year-ago reported figure.
Expanding customer base is likely to have driven revenues from services performed on fuel cell systems and related infrastructure. The Zacks Consensus Estimate for revenues from services performed on fuel cell systems and related infrastructure for the second quarter hints at a 26.1% jump from the year-ago reported figure.
An increase in the number of sites with fuel contracts is likely to have boosted revenues from fuel delivered to customers and related equipment. The consensus mark for revenues from fuel delivered to customers and related equipment indicates a 22.7% rise from second-quarter 2022 reported figure.
However, high energy prices and inflationary pressure are likely to have dented Plug Power’s second-quarter performance. Amid the tight labor market, labor shortages are expected to have resulted in higher costs for the company, thus hurting its bottom line.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Plug Power this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates, which is not the case here, as elaborated below.
Earnings ESP: Plug Power has an Earnings ESP of -2.96%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Plug Power currently carries a Zacks Rank #4 (Sell).
Highlights of Q1 Earnings
In first-quarter 2023, Plug Power incurred a loss of 35 cents per share, wider than the Zacks Consensus Estimate of a loss of 27 cents. The amount of loss widened year over year. Total revenues of $210 million outperformed the Zacks Consensus Estimate of $201 million and soared 48.9% year over year.
Performance of Some Industrial Stocks
Within the broader Industrial Products sector, the following companies have recently reported earnings numbers.
Xylem Inc. (XYL - Free Report) , sporting a Zacks Rank #1, reported second-quarter 2023 adjusted earnings (excluding 53 cents from non-recurring items) of 98 cents per share, which surpassed the Zacks Consensus Estimate of 85 cents. The bottom line increased significantly year over year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Xylem’s revenues of $1,722 million also outperformed the Zacks Consensus Estimate of $1,672.2 million and rose 26.3% year over year. Benefits from the Evoqua acquisition and strong commercial and operational execution drove the top line. Organic sales in the quarter rose 15%.
Parker-Hannifin Corporation (PH - Free Report) , carrying a Zacks Rank #3, reported fourth-quarter fiscal 2023 (ended Jun 30, 2023) adjusted earnings (excluding 64 cents from non-recurring items) of $6.08 per share, which beat the Zacks Consensus Estimate of $5.50. The bottom line jumped 17.8% year over year.
Parker-Hannifin’s total revenues of $5,095.9 million also outperformed the Zacks Consensus Estimate of $5,008.9 million. The top line jumped 21.7% year over year. Contribution from the Meggitt acquisition and operational improvement drove the company’s top line.
Image: Bigstock
Will Cost Headwinds Mar Plug Power's (PLUG) Q2 Earnings?
Plug Power Inc. (PLUG - Free Report) is scheduled to release second-quarter 2023 results on Aug 9, after market close.
The company has a dull earnings surprise history. It has missed the Zacks Consensus Estimate in each of the preceding four quarters, the average miss being 34.7%.
Let’s see how things have shaped up for Plug Power this earnings season.
Plug Power, Inc. Price and EPS Surprise
Plug Power, Inc. price-eps-surprise | Plug Power, Inc. Quote
Factors to Note
Plug Power’s second-quarter performance is expected to have benefited from the December 2022 acquisition of the subsidiaries of Cryogenic Industrial Solutions, Alloy Custom Products and WesMor Cryogenics, which has expanded the company’s production capabilities for stainless steel and aluminum cryogenic transport truck-mounted cryogenic pressure vessels, cryogenic transport trailers, and other mobile storage containers. The Zacks Consensus Estimate for PLUG’s second-quarter revenues indicates a 55.7% jump from the year-ago reported number.
Higher sales from hydrogen site installations, liquefiers, cryogenic equipment and electrolyzer stacks and systems are expected to have boosted revenues from sales of equipment, related infrastructure and other. The Zacks Consensus Estimate for revenues from sales of equipment, related infrastructure and other suggests a 67.2% surge from the year-ago reported figure.
Expanding customer base is likely to have driven revenues from services performed on fuel cell systems and related infrastructure. The Zacks Consensus Estimate for revenues from services performed on fuel cell systems and related infrastructure for the second quarter hints at a 26.1% jump from the year-ago reported figure.
An increase in the number of sites with fuel contracts is likely to have boosted revenues from fuel delivered to customers and related equipment. The consensus mark for revenues from fuel delivered to customers and related equipment indicates a 22.7% rise from second-quarter 2022 reported figure.
However, high energy prices and inflationary pressure are likely to have dented Plug Power’s second-quarter performance. Amid the tight labor market, labor shortages are expected to have resulted in higher costs for the company, thus hurting its bottom line.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Plug Power this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates, which is not the case here, as elaborated below.
Earnings ESP: Plug Power has an Earnings ESP of -2.96%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Plug Power currently carries a Zacks Rank #4 (Sell).
Highlights of Q1 Earnings
In first-quarter 2023, Plug Power incurred a loss of 35 cents per share, wider than the Zacks Consensus Estimate of a loss of 27 cents. The amount of loss widened year over year. Total revenues of $210 million outperformed the Zacks Consensus Estimate of $201 million and soared 48.9% year over year.
Performance of Some Industrial Stocks
Within the broader Industrial Products sector, the following companies have recently reported earnings numbers.
Xylem Inc. (XYL - Free Report) , sporting a Zacks Rank #1, reported second-quarter 2023 adjusted earnings (excluding 53 cents from non-recurring items) of 98 cents per share, which surpassed the Zacks Consensus Estimate of 85 cents. The bottom line increased significantly year over year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Xylem’s revenues of $1,722 million also outperformed the Zacks Consensus Estimate of $1,672.2 million and rose 26.3% year over year. Benefits from the Evoqua acquisition and strong commercial and operational execution drove the top line. Organic sales in the quarter rose 15%.
Parker-Hannifin Corporation (PH - Free Report) , carrying a Zacks Rank #3, reported fourth-quarter fiscal 2023 (ended Jun 30, 2023) adjusted earnings (excluding 64 cents from non-recurring items) of $6.08 per share, which beat the Zacks Consensus Estimate of $5.50. The bottom line jumped 17.8% year over year.
Parker-Hannifin’s total revenues of $5,095.9 million also outperformed the Zacks Consensus Estimate of $5,008.9 million. The top line jumped 21.7% year over year. Contribution from the Meggitt acquisition and operational improvement drove the company’s top line.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.