Plug Power Inc (NASDAQ:PLUG) announced this morning that it will release its third quarter earnings results on Nov. 12. The company will hold its conference call and webcast on the same day at 8 a.m. Eastern.
Plug Power demonstrates enormous growth
Recently Plug Power revealed that it shipped 857 of its GenDrive units during the third quarter. Those units went to North American material handling companies. The company lists big companies like Wal-Mart Stores, Inc. (NYSE:WMT), The Procter & Gamble Company (NYSE:PG), The Kroger Co. (NYSE:KR) and others among its customers.
That shipment number is a 450% year over year increase, as the company shipped only 155 GenDrive units. The shipment volume also surpassed the number in the previous quarter, as Plug Power shipped 687 GenDrive units in the second quarter of this year.
Plug Power said it expects to ship between 900 and 1,000 GenDrive units in the current quarter.
Plug Power keeps climbing
Zacks analysts currently have a Hold rating on Plug Power. However, they do think the company will be able to increase its market share and customer base through its GenKey fuel cell platform. They note that the company has a strong foothold in the automotive industry and say that the fuel cell system makes it easier for automakers to handle materials in their facilities. Plug Power also counts Volkswagen, Honda, Mercedes-Benz and BMW among its major customers.
The fuel cell system manufacturer plans to expand operations into Asia and Europe, especially focusing on the automobile industry. In addition, Plug Power is planning to invest more money to boost sales both domestically and internationally.
Analysts polled by Thomson Reuters are expecting the company to generate $75.9 million in revenue this year. That would mean that Plug Power is expected to triple its revenue this year, which is quite a feat for any company. In the second quarter, the fuel cell maker posted $17.3 million in revenue.
Zacks analysts estimate that for the full year, Plug Power will post a loss of 14 cents per share. For the third quarter, they’re estimating losses of 3 cents per share. In last year’s third quarter, Plug Power reported losses of 9 cents per share.