Plug Power misses by $0.01, misses on revs (limited analyst coverage) (5.08)
Reports Q3 (Sep) loss of $0.04 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of ($0.03); revenues rose 332.6% year/year to $19.9 mln vs the $24.37 mln consensus.
- Plug Power closed out the third quarter of 2014 with 857 GenDrive units shipped to material handling customers. This equates to a 450 percent increase compared to the third quarter of 2013, when 155 GenDrive units were shipped.
- Bookings continue to be strong and during the third quarter of 2014, Plug Power brought in over $25.6 million in bookings from customers including Mercedes-Benz, Coca-Cola, BMW, Walmart, Kroger and Newark Farmers Market.
- Plug Power had cash and cash equivalents of $156.5 million and net working capital of $177.6 million at September 30, 2014. This compares to $5.0 million and $11.1 million, respectively, at December 31, 2013.