Plug Power Inc. PLUG shares,
fell 2.3% in Thursday’s pre-market trading after the hydrogen fuel cell company reported a much larger than expected loss in the fourth quarter and surprisingly negative revenue, but gross revenue that exceeded forecasts. The net loss increased to $ 476.2 million, or $ 1.12 per share, from $ 18.3 million, or 7 cents per share. The FactSet consensus was for a loss of 7 cents per share. Revenue fluctuated to a negative $ 316.3 million, from a positive $ 91.7 million, compared to the FactSet consensus of a positive $ 87.2 million. The company said the results were negatively impacted by $ 456 million in previously announced costs, related to the accelerated acquisition of a client’s remaining bonds. Gross sales were $ 96.3 million, down from $ 125.6 million in the third quarter, but above $ 94.5 million from the previous year, and above FactSet’s consensus of $ 89.1 million. The company said it was “on track” to meet its 2021 financial targets. Shares soared 91.7% in the last three months through Wednesday, while the S&P 500 SPX,
gained 8.2%.
