Plug Power (PLUG) Misses Q3 EPS by 2c

Plug Power (NASDAQ: PLUG) reported Q3 EPS of ($0.07), $0.02 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $17.6 million versus the consensus estimate of $34.84 million.

Third quarter 2016 operational activity included system deployments at three sites where the Company utilizes a PPA. For those sites, the value of the systems deployed was $17.3 million and the costs to deploy the systems was $11.5 million. In 2015, the Company financed PPA deployments under arrangements which required revenue and cost recognition in the period deployed, whereas the finance arrangements utilized in 2016 do not allow such revenue and cost recognition in the period.

Two new customers were signed in the third quarter, along with continued progress expanding existing customers including Walmart, Home Depot and Sysco. One of the new customer sites was sold and implemented within the quarter, but revenues from the sale will be recognized in the fourth quarter of 2016 due to the timing of the customer’s greenfield site commissioning.

“Plug Power is executing on a balanced strategy of delivering sustainable returns within the material handling space while beginning to unearth new market opportunities to maintain our position as a global market leader in fuel cell technology,” said Andy Marsh, CEO of Plug Power. “Our third quarter results underline continued improvement in our operating model, with production and implementations on schedule, a robust and growing sales pipeline, and continued margin expansion. Looking ahead, we are encouraged at the immense long-term opportunity set we see for our technology within motive power electric vehicle applications worldwide.”

et cash used in operating activities for the third quarter of 2016 and 2015 was $13.9 million and $13.0 million, respectively. As of September 30, 2016, Plug Power had total cash of $88.4 million, including cash and cash equivalents of $42.5 million and restricted cash of $45.9 million.

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

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