Plug Power Inc PLUG shares are volatile in Tuesday's after-hours session after the company reported third-quarter financial results that came in below analyst expectations.
Plug Power reported third-quarter revenue of $186.62 million, which missed average analyst estimates of $248.41 million, according to Benzinga Pro. The company reported a quarterly net loss of 30 cents per share, which missed average estimates for a loss of 23 cents per share.
"We recently shared that our 2022 revenue could be potentially 5-10% below our prior previous target of $900-$925M given some larger projects potentially being completed in 2023 instead of 2022 due to timing and broader supply chain issues. We believe it is important to note that the midpoint of our updated projection still reflects potential growth of nearly 70% year over year," the company said.
"We want to remind you that this is not a demand issue; this is largely a function of delays due to supply chain and timing of some large projects."
Plug Power reaffirmed its full-year 2023 revenue guidance of $1.4 billion. The company also said it expects continued margin expansion throughout 2023.
PLUG Price Action: Plug Power has a 52-week high of $32.05 and a 52-week low of $12.70.
The stock was down 1.72% in after hours at $14.56 at time of publication.
Photo: courtesy of Plug Power.
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