NEW YORK (TheStreet) -- It's been a rollercoaster of a week for Plug Power (PLUG) shares after a report from Citron Research threw water on recent explosive growth among fuel-cell developers. But a better-than-expected earnings report out from the company this morning is reigniting investor appetite in the stock.
Latham, N.Y.-based Plug Power reported adjusted net losses of $8 million, or 8 cents a share, in the three months to December, a narrower loss than $9.6 million, or 22 cents a share, in the year-ago quarter. The results were in line with average forecasts compiled by Thomson Reuters.
Revenue soared nearly 36% to $8 million, while bookings climbed to $32 million, a result of increased sales and maintenance orders from key customers such as Wal-Mart (WMT), Kroger (KR) and BMW. Total sales came in higher than analysts' estimates for $7.45 million.
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