Plug Power misses Wall Street expectations for its third quarter
Shares of Plug Power Inc. dropped more than 12% in the after-hours session Thursday after a wider loss and a revenue miss for the fuel-cell company , which said it faced “unprecedented supply challenges .”
Plug Power PLUG, -1.50% lost $283.5 million, or 47 cents a share, in the third quarter, compared with a loss of $170.8 million, or 30 cents a share, in the year-ago quarter.Analysts polled by FactSet expected Plug Power to report a loss of 31 cents a share on sales of $220 million. The year’s financial performance overall “has been negatively impacted by unprecedented supply challenges in the hydrogen network in North America,” Plug Power executives said in a letter to investors.
The “severe” hydrogen shortages have affected Plug Power’s direct cost of services as well as the timing for implementation of fleet upgrades for its customers. And these have been compounded by cost increases from inflation impacts on labor, materials and overhead, the company said.as we expect our Georgia and Tennessee facilities to produce at full capacity by year-end,” it added.
Plug Power Shares Drop Wider Loss Revenue Miss Fuel-Cell Company Supply Challenges
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