Shares of hydrogen and fuel-cell energy company Plug Power, Inc. PLUG slumped in premarket trading on Thursday.
The Latham, New York-based company reported second-quarter revenue of $260.2 million, up 72% year-over-year, ahead of the consensus estimate of $242.24 million. The gross margin of -30% came in below the consensus estimate of -7%, said KeyBanc Capital Markets analyst Sangita Jain said.
The analyst said that while the company reiterated its 2023 revenue guidance at $1.2 billion to $1.4 billion, it did not reaffirm the 4-10% gross margin guidance. She lowered her 2023 gross margin estimate from about 0% to -4%, although expecting it to become progressively better.
“Overall, the demand outlook is robust as is evident from the recent product announcements, but we await signs of a margin turnaround and financing announcements before turning more constructive,” Jain said.
KeyBanc maintained a Sector Weight rating on Plug Power shares.
According to Benzinga Pro data, Plug Power shares fell 9.49% to $9.73 in premarket trading.
See Also: Best Renewable Energy Stocks
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.