UPDATE: Plug Power Posts In-Line Q2 Loss, Revenue Beats View

Shares of Plug Power

surged more than 6% in pre-market trading after the company posted a profit in the second quarter. The Latham, New York-based company posted a quarterly profit of $3.83 million, or $0.02 per share, versus a year-ago loss of $9.3 million, or $0.14 per share. Excluding non-recurring items, Plug Power posted an adjusted loss of $0.04 per share. Its sales climbed to $17.3 million versus $7.5 million. However, analysts were expecting a loss of $0.04 per share on revenue of $16.73 million. Product revenue surged to $12.6 million, from $5.6 million, in the year-ago period. Its service revenue surged to $4.4 million from $1.5 million, while research and development contract revenue dropped to $0.3 million from $0.4 million. R&D expenses increased to $1.4 million from $0.8 million, while selling, general and administrative expenses surged to $4.8 million from $3.2 million. Plug Power had cash and cash equivalents of $168.6 million at June 30, 2014. "Activity in the second quarter has demonstrated the value proposition of the GenKey hydrogen and fuel cell solution at customer sites, namely Walmart," said Andy Marsh, CEO at Plug Power Inc. "Success has resulted in positive gross margins for GenDrive, customer confidence in our ability to deliver on our GenKey services, and driven our ability to expand into new markets." Plug Power shares gained 6.33% to $6.23 in pre-market trading.