Plug Power Inc (NASDAQ:PLUG) shares climbed as much as 12% in premarket trading and now remain up by about 8% after a very lumpy week. The company reported a significant earnings beat in premarket trading this morning. Only one analyst follows the company, which reported $8 million in revenue for the most recently completed quarter. The one analyst who had an estimate for Plug Power expected $7.4 million in revenue, and in the same quarter a year ago, the company had $5.9 million in revenue.
Plug Power reports losses
Plug Power Inc (NASDAQ:PLUG) reported adjusted losses of 8 cents per share for the quarter, compared to 25 cents last year. That amount was in line with the analyst estimate. The company reported bookings of $32 million during the quarter and said it posted strong product sales and received maintenance orders from major customers like Wal-Mart Stores, Inc. (NYSE:WMT), Mercedes-Benz, and The Kroger Co. (NYSE:KR).
Another reason shares probably soared is because of strong guidance. Plug Power Inc (NASDAQ:PLUG) said it already has more than $60 million in orders for the 2014 fiscal year. The company’s balance sheet was also strong, as it reported more than $66 million in cash.
Looking ahead fo 2014
In January, Plug Power Inc (NASDAQ:PLUG) launched its new GenKey service, which provides GenDrive fuel cells to customers, as well as infrastructure for its GenFuel hydrogen offering and GenCare year-round maintenance service.
The company reported that last month, Wal-Mart Stores, Inc. (NYSE:WMT) became its first GenKey customer with multiple sites. Currently the contract is being implemented at six of the big box chain’s distribution centers in North America over the next couple of years.
CEO Andy Marsh says he’s more confident than ever that the momentum they have been having will continue throughout this year and that they expect to see over $150 million in orders this year. That’s nearly four times last year’s total. He also said they’re on track to achieve their breakeven EBITDAS goal by the third quarter of this year.