--> +4.47% Pre-Market - 180k shares traded {PLUG US Equity QR<GO>}
Plug Power misses by $0.01, beats on revs; reaffirms FY14 revenue guidance; CC begins at 10:00 (may update quarterly guidance) -- limited analyst coverage (4.09)
Reports Q1 (Mar) loss of $0.06 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of ($0.05); revenues fell 13.6% year/year to $5.57 mln vs the $5.35 mln consensus.
- The Company shipped 165 units during the first quarter of 2014 compared to 238 units in the first quarter of 2013.
- Already to date in 2014, Plug Power has over $80 mln in bookings -- double the bookings from 2013. Plug Power attributes this increased growth to the successful launch of its GenKey business. The company expects to ship over 650 GenDrive units in the second quarter.
- "Investments in the sales team, hydrogen generation, hydrogen distribution, geographic expansion and stack technologies are just some of the steps being taken by Plug Power today to build our future. We are targeting over $70 mln in revenue for 2014 (versus Capital IQ consensus of $65 mln), but these steps are expected to accelerate growth in the upcoming years."