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Plug Power (PLUG) Reports Wider-than-Expected Q4 Loss

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A leader in fuel cell technology, Plug Power Inc. (PLUG - Free Report) reported a loss of 8 cents per share in the fourth quarter of 2016, wider than the Zacks Consensus Estimate of a loss of 6 cents.

Reported loss was also wider than the loss of 5 cents incurred in the year-ago quarter.

 

 

On a GAAP basis, the company reported a loss of 11 cents per share compared with a loss of 14 cents per share in the year-ago quarter. The difference between operating and GAAP loss in the reported quarter was due to impact of costs of 3 cents, incurred to improve the company’s capital structure and debt terms.

Total Revenue

Plug Power’s quarterly revenues of $32.6 million lagged the Zacks Consensus Estimate of $35 million by 6.8%. Total revenue was also lower than the year-ago figure of $38.4 million by 15.1%. The year-over-year decline was primarily due to lower sales of fuel cell systems and related infrastructure compared with the year-ago period.

Full-year 2016 revenues were $85.9 million compared with $103.9 million incurred in the year-ago period. The total revenue was in line with the Zacks Consensus Estimate.

Highlights of the Release

Plug Power deployed 1,204 GenDrive units in the fourth quarter of 2016, and 4,010 deployed in 2016.

At the end of 2016, Plug Power has more than 14,000 fuel cells powering industrial electric vehicles at blue-chip customers scattered globally.

Total operating expense in 2016 was $55.5 million compared with $49.1 million in 2015. The increase in operating expenses was primarily due to 42.3% increase in the research and development expenses.

Financial Update

Plug Power exited 2016 with $100.6 million of cash and cash equivalents, and restricted cash.

Net cash used in operating activities in 2016 was $29.6 million compared with $47.3 million in 2015.

Guidance

The company expects GAAP revenues to be $130 million in 2017. Further, it expects to ship 5,600 GenDrive units in 2017.

Plug Power anticipates new booking in 2017 to touch $325 million.

Peer Releases

Ormat Technologies Inc. (ORA - Free Report) , reported fourth-quarter 2016 adjusted earnings of 56 cents per share compared with 43 cents reported in the year-ago period.

Ballard Power Systems (BLDP - Free Report) , reported fourth-quarter 2016 operating loss of 1 cent per share narrower than the Zacks Consensus Estimate of a loss of 2 cents.

FuelCell Energy Inc. (FCEL - Free Report) reported an adjusted loss of 35 cents per share in the first quarter of fiscal 2017, wider than the Zacks Consensus Estimate of a loss of 34 cents.

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