Cowen’s Jeffrey Osborne and Thomas Boyes are impressed with Plug Power’s (PLUG) financial results, which are helping to boost Ballard Power Systems (BLDP) and FuelCell Energy (FCEL), as well:
Plug Power reported revenue of $17.3mn versus our estimate of $16.4mn. GAAP EPS was $0.02; however, excluding the revaluation of the warrants the loss was $0.04, better than our ($0.05) estimate…Plug Power shipped 687 GenDrive fuel cells in the second quarter, ahead of our modeled 650 units. This marks a strong q/q increase vs. last quarter’s 165. Importantly, the company installed the first GenKey site for Wal-Mart’s (WMT) distribution center, located in Pottsville, PA. We are pleased to see continued momentum with this marquee customer. We expect management to highlight continued sequential growth through the year. Of note, we were pleased to see the company turn gross margin positive during the quarter and we anticipate continued leverage in the model and further cost reductions to be highlighted by management.
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Shares of Plug Power have gained 2.1% to $5.98 at 12:02 p.m., while Ballard Power Systems has gained 1.8% to $4.07 and FuelCell Energy has jumped 5.9% to $2.51.
That was a incredibly pleasant read.PLUG
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