Plug Power (PLUG) Tops Q1 EPS by 6c

Plug Power (NASDAQ: PLUG) reported Q1 EPS of $0.00, $0.06 better than the analyst estimate of ($0.06). Revenue for the quarter came in at $15.3 million versus the consensus estimate of $25.53 million.

Plug Power maintained steady sales traction in the first quarter of 2016, attracting new customers and strengthening relationships with existing customers. Shipments in the first quarter continued to Walmart, Lowes, BMW and Kroger. GenKey site implementations also progressed with several customers, including Plug Power’s newest site with Home Depot in Savannah, GA. “Continued expansion with these anchor customers is critical to Plug Power’s long-term business growth,” said Andy Marsh, CEO at Plug Power.

Marsh continued, “Plug Power will leverage recent progress to strengthen its foundation for 50 percent annual growth in 2016. We feel comfortable with our sales strategy, and understand that continued financial strength will enable the path to breakeven.”

Cash and Liquidity
Net cash used in operating activities for the first quarter of 2016 and 2015 was $6.9 million and $13.6 million, respectively. As of March 31, 2016, Plug Power had total cash of $114.7 million, including cash and cash equivalents of $66.9 million and restricted cash of $47.9 million. The Company’s net working capital was $86.7 million at March 31, 2016 (excludes borrowings against the loan facility).

As previously disclosed, the Company closed a $30.0 million loan facility on March 2, 2016. The gross proceeds drawn from the facility were $25.0 million during the quarter and will be used to support lease transactions for certain customers. This financing and the related strategic partnership is the first step towards developing a more robust GenFund project financing platform for Plug Power and its customers.

For earnings history and earnings-related data on Plug Power (PLUG) click here.

You May Also Be Interested In

• FedEx falls 4% as CY2026 profit forecast misses expectations despite Q4 beat
• KB Home (KBH) Misses Q2 EPS by 2c; Offers Outlook
• BofA lists top 5 themes driving next $1tn in incremental semi sales