Fuel cell technology Plug Power (NASDAQ: PLUG) will be announcing earnings results this Monday afternoon. Here’s what to expect.
Plug Power met analysts’ revenue expectations last quarter, reporting revenues of $177.1 million, up 1.9% year on year. It was a softer quarter for the company, with a significant miss of analysts’ adjusted operating income estimates and 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 for active Edge members.
This quarter, the market is expecting Plug Power’s revenue to grow 13.6% year on year, a reversal from the 13.8% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Plug Power has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Plug Power’s peers in the renewable energy segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Bloom Energy delivered year-on-year revenue growth of 35.9%, beating analysts’ expectations by 18.7%, and Sunrun reported revenues up 124%, topping estimates by 92.3%. Bloom Energy traded up 4.7% following the results while Sunrun was down 34.6%.
Read our full analysis of Bloom Energy’s results here and Sunrun’s results here.
There has been positive sentiment among investors in the renewable energy segment, with share prices up 5.4% on average over the last month. Plug Power is down 14.9% during the same time and is heading into earnings with an average analyst price target of $2.75 (compared to the current share price of $1.80).
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