Plug Power announced Monday that it has appointed Martin Hull as its new Chief Accounting Officer. Hull will report directly to Chief Financial Officer Paul Middleton. Effective April 1st, Martin Hull will replace Jill McCoskey, who held that position since April 16, 2013. Plug Power CEO Andy Marsh said Hull will enhance the finance team’s ability to support growth.
Hull brings extensive experience to Plug Power
Before joining Plug Power, Hull served as a principal and director at the accounting firm Marvin & Co. Prior to that, he worked as an audit partner at KPMG LLP. Hull is a Certified Public Accountant, and holds a Bachelors of Business Administration (BBA) from the University of Notre Dame. Paul Middleton said Hull’s public reporting and accounting experience will “significantly enhance our reporting and accounting abilities.
Martin Hull’s appointment comes less than a month after Plug Power delayed its Form 10-K filing for FY2014 with the SEC. The Latham, New York-based company said it experienced some “unforeseen delays in collecting, compiling and finalizing” some financial data. Delay in financial reporting indicates some problems in a company, so investors never like it.
Plug Power striving to turn profitable
Hull joins Plug Power at a time when the fuel cell maker is striving to turn profitable. Plug Power reported $21.5 million in revenue and 8 cents a share in fourth-quarter losses, missing the consensus estimate on both parameters. It has never reported a profit in its 16-year long history as a public company. However, the company’s business continues to expand. Though Plug Power’s fourth-quarter sales missed the Wall Street estimates, the figure more than doubled from $8.5 million to $21.5 million.
Plug Power added 112 new workers in 2014, increasing its total headcount by more than 50% to 326. About 25 of them were from the purchase of ReliOn, though. Last week, FBR Capital analyst Aditya Satghare reduced his price target on the stock from $8 to $6.50, while maintaining a Buy rating. FBR expects the company to incur higher operating expenses in the next couple of years, which would affect its earnings.
Plug Power shares jumped 2.27% to $2.70 at 12:52 PM EDT on Monday.