Fuel-cell maker Plug Power Inc (NASDAQ:PLUG) needs more fuel, not to charge anything but itself. The alternative energy company disappointed the Street big time after posting wider-than-expected fourth-quarter losses. The company failed to come at par with the analysts’ estimates of its EPS and revenues. Resultantly, the stock nosedived by over 5% to $2.61, extending the losses by over 2.50% during the pre-market session.
Missed EPS and Revenue estimates
Plug Power Inc (NASDAQ:PLUG) reported a negative EPS of $0.08 on $21.5 million revenues versus the market consensus of -$0.04 EPS on $26.3 million revenues. Though the revenues indicated a growth of 167.7% year-over-year, but it hardly matched the expectations of the investors. Comparing the results on a non-adjusted basis, Plug Power Inc (NASDAQ:PLUG)’s net loss stood at $7.2 million or -$0.04 as against the net loss of $28.9 million or -$0.28 per share posted in the same quarter of 2013.
The company highlighted that it shipped 957 units of its GenDrive in the fourth quarter, which is substantially higher than 279 GenDrive units shipped last year during the same period. Meanwhile, there has been some increase in the research and development expenses that accounted $2.2 million as compared to $0.8 million last year. Also, Selling, General and Administrative expenses rose to $9.4 million from $4 million year-over-year. The company has substantially added to its cash and cash equivalents and net working capital, which was recorded at $146.2 million and $167 million respectively in the fourth quarter. The balance of the two heads was as little as $5 million and $11.1 million in 2013.
During the fourth-quarter call, Plug Power Inc (NASDAQ:PLUG)’s CEO Andy Marsh commented that the fuel cells market has enough room for the company to allow it to grow in 2015 and beyond. The company anticipates the total sales to come in excess of $100 million in 2015.