Fuel-cell maker's stock surges on strong orders
Plug Power predicts orders will quadruple in 2014. A rival, Fuel Cell Energy, saw big gains earlier this week.
On Thursday, Plug Power (PLUG) said it anticipates a massive increase in 2014 sales, sending PLUG stock surging as much as 21% in trading today.
PLUG stock jumped after the hydrogen fuel cell manufacturer predicted that this year’s sales would increase almost four-fold compared to 2013, hitting $150 million. PLUG stock was also bolstered by the news that the company has already received $60 million in orders so far this year, Reuters notes.
Shares had slipped back a bit approaching midday.
In February, PLUG said it received a major order from Walmart (WMT).
Helping to boost PLUG stock, the company also reported fourth-quarter revenue of $8 million, up 35.5% over the prior-year period. PLUG posted a quarterly loss of $28.9 million, but that was driven largely by a one-time $21 million charge due to stock warrants.
Earlier this week, rival fuel cell-maker Fuel Cell Energy (FCEL) reported strong quarterly sales and a lower-than-expected loss.
On Wednesday, PLUG stock closed at $6.80 per share. Since the beginning of the year, PLUG stock has almost tripled in value.
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