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.
Related at InvestorPlace.com:
VIDEO ON MSN MONEY
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
China's Alibaba is expected to hit the market as soon as September in possibly the biggest tech IPO ever. Will you buy in?
Thanks for being one of the first people to vote. Results will be available soon. Check for results
- I'll do whatever I can to get shares on Day 1.
- I'll buy later, after the hype dies down.
- Maybe next year. Chasing IPOs is too risky.
- What's Alibaba?