Plug Power GenDrive Sales for 2016 Exceed Expectations

A leading operator in fuel cell technology, Plug Power Inc . PLUG announced that it installed 4,010 GenDrive fuel cell units in 2016, which exceeded its previously issued annual guidance of 3,800 to 4,000 units for the year.

Behind the Strong Performance

The primary reason behind the strong performance of the company is the higher acceptance of GenDrive fuel cells by customers like Carrefour Group, Wal-Mart Stores Inc. WMT , BMW, and The Home Depot Inc. HD .

Why GenDrive Fuel Cells?

GenDrive fuel cell is an excellent alternative to the industrial lead-acid batteries in electric class-1, class-2 and class-3 material handling equipment. It can provide continuous power to trucks at all times, even in temperatures as low as -22°F.

GenDrive fuel cell solution replaces the lead-acid batteries in electric lift trucks and enables customers to increase their productivity. In addition, the cells with lower maintenance costs and practically zero emission could lower operational costs.

Usage of GenDrive Units on the Rise

Thanks to the benefits the GenDrive units offer compared to lead-acid batteries, their usage is expanding. GenDrive Fuel cells are widely used in Manufacturing, Retail and Food industry as the customers do not face the disadvantage of progressive battery droop, timely battery changes and costly battery charges. GenDrive customers can expect 5-6% productivity savings through the usage of this technology.

Price Movement

The shares of Plug Power lost 26.6% in the last three months as against a gain of 7.9% of the Zacks categorized Manufacturing- Electronics industry.

Zacks Rank & Key Pick

Plug Power currently has a Zacks Rank #4 (Sell). A better-ranked stock in the same space is ABB Ltd. ABB sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .

ABB Ltd. surpassed its last quarter's earnings estimates by 10.3%. The Zacks Consensus Estimate for 2016 increased 5.1% in last 60 days to $1.03 per share.

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Home Depot, Inc. (The) (HD): Free Stock Analysis Report

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Wal-Mart Stores, Inc. (WMT): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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