Plug Power First Quarter earnings report for FY15

Plug Power reported its first quarter earnings and posted earnings per share of 7 cents in line with analysts estimate.

Plug Power reported its first quarter earnings for fiscal year 15 on Monday May11. The company posted 7 cents in earnings per share in line with Thomson Reuters consensus forecast of 7 cents per share, as reported by Stock Market News. The company also reported $9.40 million n revenue for the period as compared to $18.13 million of consensus estimate. The revenue of the company was up 68% on year over year basis.

For t full fiscal year 2015, the company provided revenue guidance of $100 million against consensus forecast of $103 million. The fuel cell manufacturer said that these sales will incline throughout the year with almost 35% to 40% of the yearly revenue estimated in the first six months of current fiscal year.

Chief Executive Officer and President of Plug Power, Andy Marsh said, “The backlog for our products and services continued to grow in the first quarter. This has provided us with a high level of confidence in meeting this year’s financial projections”.

During the first quarter, Plug Power earned $9.4 million in revenue; this includes 1 hydrogen station and 265 GenDrive units. Furthmore, the company shipped almost 419 GenDrive units and progress its construction on 7 different hydrogen fueling stations. The amount of these shipments will be reflected in revenue part in the Q2 of fiscal year 2015. The Company shipped around 175 units out of these 419 GenDrive units to a new customer.

Related to GenCare services, Plug Power had around 5,500 unit of GenDrive and 8 infrastructure sites of hydrogen as of March 31 service contract against 3,000 unit of GenDrive and no hydrogen infrastructure sites in the similar quarter last year.

Total administrative costs for the quarter were $10.7 million compared to $5.1 million in the prior year quarter.

Plug Power stock opened at $2.43 on Monday. The company has twelve month low and high of $2.40 and $6.47, respectively. The stock has 50 day and 200 day moving average of $2 and $3, respectively. Plug Power had $421.38 of market capitalization.

Plug Power stock was up 4.94% to $2.55 at market close on Monday.