Fuel cell technology Plug Power (NASDAQ:PLUG) will be reporting results tomorrow before the bell. Here’s what to look for.
Plug Power missed analysts’ revenue expectations by 23% last quarter, reporting revenues of $143.4 million, down 44.9% year on year. It was a disappointing quarter for the company, with full-year revenue guidance missing analysts’ expectations.
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 5.7% year on year to $210 million, in line with the 5.3% increase it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.23 per share.
The majority of analysts covering the company have 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 five times over the last two years.
Looking at Plug Power’s peers in the renewable energy segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Sunrun’s revenues decreased 4.6% year on year, missing analysts’ expectations by 4.9%, and American Superconductor reported revenues up 60.2%, topping estimates by 6.1%. Sunrun traded down 11.8% following the results while American Superconductor was up 4.3%.
Read our full analysis of Sunrun’s results here and American Superconductor’s results here.
There has been positive sentiment among investors in the renewable energy segment, with share prices up 4.8% on average over the last month. Plug Power is down 1.4% during the same time and is heading into earnings with an average analyst price target of $3.92 (compared to the current share price of $2.05).
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