Plug Power (PLUG) Reports In-Line Q1 EPS

Plug Power (NASDAQ: PLUG) reported Q1 EPS of ($0.07), in-line with the analyst estimate of ($0.07). Revenue for the quarter came in at $9.4 million versus the consensus estimate of $18.13 million and up 69% from $5.6 million last year.

The Company announced bookings of over $46 million in the first quarter.

Plug Power shipped 175 of those 419 GenDrive units to a new GenKey customer—a big box retailer that is implementing a hydrogen fuel cell forklift truck fleet in a newly constructed regional distribution center in Ohio. Additionally, Plug Power has completed a GenFuel infrastructure for this customer that has recently become fully operational.

The Company maintains its 2015 forecast of total sales in excess of $100 million, comprised of sales of more than 3,300 GenDrive units and construction of more than 15 GenFuel hydrogen infrastructures. These sales will ramp up through the year with 35% to 40% of the annual revenue expected in the first half of 2015.

"The backlog for our products and services continued to grow in the first quarter," said Andy Marsh, CEO of Plug Power. "This has provided us with a high level of confidence in meeting this year's financial projections."

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

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