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The company has a bleak earnings surprise history, having missed the Zacks Consensus Estimate in each of the preceding four quarters. The negative earnings surprise was 48.2%, on average.
Let’s see how things have shaped up for Plug Power this earnings season.
Factors to Note
Revenues from fuel delivered to customers and related equipment are expected to have benefited from an increase in the number of sites with fuel contracts. The Zacks Consensus Estimate for fuel delivered to customers and related equipment net revenues is pegged at $18.1 million, implying a 79.2% increase from the year-ago reported number.
Revenues from Power Purchase Agreements (PPA) are expected to have been buoyed by an increase in the average number of units and customer sites party to these agreements. The consensus mark for net revenues from PPA is pegged at $15.4 million, indicating a 94.9% increase from the year-ago reported number.
Plug Power’s results are expected to benefit from the acquisitions of Applied Cryo Technologies and Frames Group, which strengthened its green hydrogen ecosystem and enhanced its capabilities to deliver a range of turnkey electrolyzer solutions.
The company’s strong product portfolio, including GenFuel, GenSure and ProGen product lines, coupled with its efforts to expand and strengthen its global presence through multiple strategic partnerships are anticipated to have aided its performance. However, a decline in revenues related to fuel cell systems owing to the lower volume of GenDrive units sold is expected to have hurt revenues from sales of equipment, related infrastructure and others. The Zacks Consensus Estimate for revenues from the sale of equipment, related infrastructure and others suggests a 37.4% decrease from the prior-year quarter.
Escalating cost of sales and operating expenses have been concerns for Plug Power for some time now. The impacts of high labor and raw material costs are likely to have affected PLUG’s margin and profitability. Also, investments associated with product development and growth initiatives are expected to have hurt the company’s performance.
Owing to its extensive regional presence, risks arising from unfavorable movements in foreign currencies and geopolitical issues are likely to have hurt Plug Power’s performance.
The Zacks Consensus Estimate for the company’s first-quarter 2024 revenues is pegged at $173 million, suggesting a decrease of 17.6% from the year-ago quarter’s reported figure. The consensus estimate for the company’s adjusted earnings is pinned at a loss of 33 cents per share compared with a loss of 35 cents per share in the year-ago quarter.
Our proven model predicts a likely earnings beat for PLUG this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, as elaborated below.
Earnings ESP: PLUG has an Earnings ESP of +3.76% as the Most Accurate Estimate is pegged at a loss of 31 per share, which is lower than the Zacks Consensus Estimate of a loss of 33 cents per share. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Zacks Rank: PLUG presently carries a Zacks Rank of 3.
Other Stocks to Consider
Here are some companies within the broader Industrial Products sector, which according to our model, also have the right combination of elements to beat on earnings in this reporting cycle.
The company is slated to release first-quarter results on May 8. YOU delivered a trailing four-quarter earnings surprise of 136.4%, on average.
Greif, Inc. (GEF - Free Report) has an Earnings ESP of +3.37% and a Zacks Rank of 2, at present.
The company is slated to release second-quarter fiscal 2024 (ended April 2024) results on Jun 5. GEF delivered a trailing four-quarter earnings surprise of 150.6%, on average.
DNOW Inc. (DNOW - Free Report) has an Earnings ESP of +2.13% and a Zacks Rank of 3. The company is slated to release first-quarter results on May 10.
DNOW’s earnings have surpassed the Zacks Consensus Estimate in three of the trailing four quarters while missing the mark in one, the average beat being 15.6%.
Image: Bigstock
What to Note Ahead of Plug Power's (PLUG) Q1 Earnings Release?
Plug Power Inc. (PLUG - Free Report) is scheduled to release first-quarter 2024 results on May 9, before market open.
The company has a bleak earnings surprise history, having missed the Zacks Consensus Estimate in each of the preceding four quarters. The negative earnings surprise was 48.2%, on average.
Let’s see how things have shaped up for Plug Power this earnings season.
Factors to Note
Revenues from fuel delivered to customers and related equipment are expected to have benefited from an increase in the number of sites with fuel contracts. The Zacks Consensus Estimate for fuel delivered to customers and related equipment net revenues is pegged at $18.1 million, implying a 79.2% increase from the year-ago reported number.
Revenues from Power Purchase Agreements (PPA) are expected to have been buoyed by an increase in the average number of units and customer sites party to these agreements. The consensus mark for net revenues from PPA is pegged at $15.4 million, indicating a 94.9% increase from the year-ago reported number.
Plug Power’s results are expected to benefit from the acquisitions of Applied Cryo Technologies and Frames Group, which strengthened its green hydrogen ecosystem and enhanced its capabilities to deliver a range of turnkey electrolyzer solutions.
The company’s strong product portfolio, including GenFuel, GenSure and ProGen product lines, coupled with its efforts to expand and strengthen its global presence through multiple strategic partnerships are anticipated to have aided its performance. However, a decline in revenues related to fuel cell systems owing to the lower volume of GenDrive units sold is expected to have hurt revenues from sales of equipment, related infrastructure and others. The Zacks Consensus Estimate for revenues from the sale of equipment, related infrastructure and others suggests a 37.4% decrease from the prior-year quarter.
Escalating cost of sales and operating expenses have been concerns for Plug Power for some time now. The impacts of high labor and raw material costs are likely to have affected PLUG’s margin and profitability. Also, investments associated with product development and growth initiatives are expected to have hurt the company’s performance.
Owing to its extensive regional presence, risks arising from unfavorable movements in foreign currencies and geopolitical issues are likely to have hurt Plug Power’s performance.
The Zacks Consensus Estimate for the company’s first-quarter 2024 revenues is pegged at $173 million, suggesting a decrease of 17.6% from the year-ago quarter’s reported figure. The consensus estimate for the company’s adjusted earnings is pinned at a loss of 33 cents per share compared with a loss of 35 cents per share in the year-ago quarter.
Plug Power, Inc. Price and EPS Surprise
Plug Power, Inc. price-eps-surprise | Plug Power, Inc. Quote
Earnings Whispers
Our proven model predicts a likely earnings beat for PLUG this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, as elaborated below.
Earnings ESP: PLUG has an Earnings ESP of +3.76% as the Most Accurate Estimate is pegged at a loss of 31 per share, which is lower than the Zacks Consensus Estimate of a loss of 33 cents per share. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Zacks Rank: PLUG presently carries a Zacks Rank of 3.
Other Stocks to Consider
Here are some companies within the broader Industrial Products sector, which according to our model, also have the right combination of elements to beat on earnings in this reporting cycle.
Clear Secure, Inc. (YOU - Free Report) has an Earnings ESP of +17.65% and a Zacks Rank of 1, at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The company is slated to release first-quarter results on May 8. YOU delivered a trailing four-quarter earnings surprise of 136.4%, on average.
Greif, Inc. (GEF - Free Report) has an Earnings ESP of +3.37% and a Zacks Rank of 2, at present.
The company is slated to release second-quarter fiscal 2024 (ended April 2024) results on Jun 5. GEF delivered a trailing four-quarter earnings surprise of 150.6%, on average.
DNOW Inc. (DNOW - Free Report) has an Earnings ESP of +2.13% and a Zacks Rank of 3. The company is slated to release first-quarter results on May 10.
DNOW’s earnings have surpassed the Zacks Consensus Estimate in three of the trailing four quarters while missing the mark in one, the average beat being 15.6%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.