Plug Power (PLUG) Stock Falls on Earnings Miss

Plug Power (PLUG) stock is declining after the company's 2015 third quarter earnings results missed analysts' expectations.
By Amanda Albright ,

NEW YORK (TheStreet) -- Plug Power  (PLUG) - Get Report stock is falling, down by 11.96% to $2.43 in early-morning trading on Monday, after the company's 2015 third quarter earnings results missed analysts' expectations.

Before the market open on Monday, the alternative energy company reported a loss of 6 cents per share for the quarter.

Revenue increased by 58.1% year over year to $31.40 million.

Analysts were expecting the company to report a loss of 1 cent on revenue of $30.7 million. 

Plug Power's revenue growth was driven by sales of its GenDrive products, which is a fuel system used in material-handling trucks and electric forklifts, the company said. 

"I am pleased with Plug Power's execution in the business, and the fact that we have stayed on track and are on pace to achieve the goals and milestones laid out at the beginning of the year," Plug Power CEO Andy Marsh said in a statement. "Additionally, in the fourth quarter, we are on track for a third straight quarter of record revenues, a strong indicator of the attractiveness of Plug Power's offering."

Separately, TheStreet Ratings team rates PLUG POWER INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

We rate PLUG POWER INC (PLUG) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, poor profit margins and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: PLUG

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Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.

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