Plug Power (PLUG) Reports In-Line Q2 Loss of 4c/Share

(Updated - August 14, 2014 7:05 AM EDT)

Plug Power (NASDAQ: PLUG) reported Q2 EPS of ($0.04), in-line with the analyst estimate of ($0.04). Revenue for the quarter came in at $17.3 million versus the consensus estimate of $16.73 million.

Plug Power shipped 687 GenDrive fuel cell units during the second quarter to customers including Walmart, P&G and Central Grocers. The Company also reports a gross margin of 17% on its GenDrive product for the second quarter. Even more notably, Plug Power revenue, at $17.3 million for the second quarter, is three-fold greater than that seen in the first quarter of 2014.

During the second quarter, the Company successfully deployed its first, complete GenKey site at the Walmart distribution center in Pottsville, PA. GenKey is Plug Power's all-inclusive solution that couples together GenDrive fuel cells, GenCare service and GenFuel hydrogen and fueling infrastructure for use in material handling applications. As a result of the effective deployment in Pottsville, Walmart added an additional site in Sterling, IL to the original six-site contract.

Plug Power had cash and cash equivalents of $168.6 million and net working capital of $190.4 million at June 30, 2014. This compares to $5.0 million and $11.1 million, respectively, at December 31, 2013.

For earnings history and earnings-related data on Plug Power (PLUG) click here.

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