Fuel cell technology Plug Power (NASDAQ: PLUG) will be announcing earnings results this Monday afternoon. Here’s what investors should know.
Plug Power beat analysts’ revenue expectations by 1.3% last quarter, reporting revenues of $133.7 million, up 11.2% year on year. It was a mixed quarter for the company, with a solid beat of analysts’ adjusted operating income estimates but a significant miss of analysts’ EBITDA estimates.
Is Plug Power a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Plug Power’s revenue to grow 9.9% year on year to $157.6 million, a reversal from the 44.9% decrease it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.16 per share.
Heading into earnings, analysts covering the company have grown increasingly bullish with revenue estimates seeing 4 upward revisions over the last 30 days (we track 11 analysts).
Looking at Plug Power’s peers in the renewable energy segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Generac delivered year-on-year revenue growth of 6.3%, beating analysts’ expectations by 3.4%, and Sunrun reported revenues up 8.7%, topping estimates by 4%. Generac traded up 28.9% following the results while Sunrun was also up 16.5%.
Read our full analysis of Generac’s results here and Sunrun’s results here.
Investors in the renewable energy segment have had steady hands going into earnings, with share prices flat over the last month. Plug Power is down 9% during the same time and is heading into earnings with an average analyst price target of $1.94 (compared to the current share price of $1.48).
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