Plug Power Inc PLUG is trading higher Friday morning after the company announced better-than-expected second-quarter financial results.
Plug Power reported a quarterly earnings loss of 18 cents per share, which was down from a loss of 3 cents per share year over year. The company reported quarterly revenue of $124.6 million, which beat the estimate of $114.02 million and was up from $68 million year over year.
Plug Power announced that it's raising its full-year 2021 guidance.
"As a result of both declining hydrogen prices and declining COVID-19 related costs, and due to our continued efforts into supply diversification, we expect improvement in our margins by the second half of the year," Plug Power said in a letter to shareholders.
The company noted that its top priorities include accelerating its expansion in the green hydrogen generation business, successfully launching JVs with Renault, expanding via partnerships, joint ventures and acquisitions and expanding customer relationships.
Plug Power is an innovator of modern hydrogen and fuel cell technology.
Price Action: Plug Power has traded as high as $75.49 and as low as $8.98 over a 52-week period.
At last check Friday, the stock was up 10.30% at $28.68.
Photo: courtesy of Plug Power.
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