Investing.com - U.S. hydrogen fuel cell manufacturer Plug Power
saw shares rally 12% in pre-market trade after reporting
better-than-expected fourth quarter revenue earlier Thursday.
Plug Power said it lost $0.08 cents per shares in the fourth
quarter, in line with market expectations. The company's fourth
quarter revenue totaled $8 million, beating forecasts for revenue
of $7.45 million.
The company's growing sales momentum in 2013 continued as the
year progressed, with bookings in the fourth quarter of $32
million. Strong fourth quarter product sales and maintenance orders
were received from significant customers such as Walmart, Kroger,
BMW and Mercedes-Benz.
Sales orders for the year 2014 already exceed $60 million. The
company also has a strong balance sheet, with over $66 million in
cash as of today.
In January 2014, Plug Power launched its new all-inclusive
GenKey solution that provides customers with GenDrive fuel cells,
GenFuel hydrogen infrastructure and fuel supply, and GenCare
year-round maintenance service.
In February, Plug Power announced that Walmart would be the
first multiple site GenKey customer, with a contract that is being
implemented at six Walmart North America distribution centers over
the next two years.
"I am more bullish than ever that Plug Power is moving into a
rapid-growth cycle," said CEO Andy Marsh.
"We kicked off the first quarter of 2014 by signing a
multi-site, multi-year GenKey contract with Walmart that surpassed
our Q1 goals. I firmly believe that this continuing momentum will
carry on throughout 2014, and that orders for this year will total
more than $150 million almost four times our total for 2013. We
also are on track to achieve our goal of EBITDAS break even by Q3
2014," he added.
Following the release of the report,
saw shares jump 11.6% in pre-market trade to $7.59 a share,
compared to Wednesday's closing price of $6.80. The stock sold for
18 cents a year ago.
Meanwhile, the outlook for U.S. equity markets was mildly
higher. The Dow Jones Industrial Average futures pointed to a gain
of 0.1% at the open, S&P 500 futures added 0.1%, while the
Nasdaq 100 futures indicated a gain of 0.2% at the open.
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