Stock Story -
Fuel cell technology Plug Power (NASDAQ:PLUG) will be reporting earnings tomorrow before market hours. Here's what to expect.
Plug Power missed analysts' revenue expectations by 23.7% last quarter, reporting revenues of $120.3 million, down 42.8% year on year. It was a weak quarter for the company, with a miss of analysts' earnings estimates.
Is Plug Power a buy or sell going into earnings? Find out by reading the original article on StockStory, it's free.
This quarter, analysts are expecting Plug Power's revenue to decline 28.4% year on year to $186.2 million, a reversal from the 72% increase it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.29 per share.
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 five times over the last two years.
Looking at Plug Power's peers in the renewable energy segment, some have already reported their Q2 results, giving us a hint as to what we can expect. American Superconductor delivered year-on-year revenue growth of 33.2%, beating analysts' expectations by 2.4%, and Sunrun reported a revenue decline of 11.2%, topping estimates by 1.2%.
Read the full analysis of American Superconductor's and Sunrun's results on StockStory.
Investors in the renewable energy segment have had steady hands going into earnings, with share prices up 1.6% on average over the last month. Plug Power is down 17.1% during the same time and is heading into earnings with an average analyst price target of $4.6 (compared to the current share price of $2.13).
