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Plug Power Climbs on Better-than-Expected Adjusted Results

Plug Power shares were higher after the producer of hydrogen-fuel-cell solutions posted better-than-expected third-quarter results.

Plug Power  (PLUG) - Get Free Report shares were higher after the producer of hydrogen-fuel-cell solutions posted better-than-expected third-quarter results.

Shares of the Latham, N.Y., company at last check were up 9.3% at $20.60.

Plug Power reported a net loss of $39.4 million, or 11 cents a share, widened from $18.2 million, or 8 cents, in the year-earlier quarter. Shares outstanding grew 57% to 371 million.

A survey of analysts by FactSet produced a consensus estimate of a GAAP loss of 7 cents a share. 

The latest adjusted earnings were a nickel a share, beating the FactSet consensus for a loss of 7 cents. 

Revenue totaled $107 million, up 80% from $59.5 million a year earlier and beating the FactSet consensus of $106.5 million. 

"We remain focused on building the green hydrogen economy in an electrified world," the company said. "The improvement" in Q3 was "driven by growth in sales, ongoing cost reductions, and the increasing leverage on operating costs." 

Plug Power reported gross billings, or new orders, of $125.6 million, more than double the year-earlier figure. Four of the analysts surveyed by FactSet produced a consensus estimate of $112.8 million. 

The company raised its 2020 full year gross-billings guidance to a range of $325 million to $330 million, up from $310 million. FactSet's survey figure: $313.8 million.

Plug Power deployed 4,100 fuel-cell systems and 13 hydrogen-fueling stations in the third quarter, a more than doubling of fuel-cell units deployed.

"This record growth aligns with Plug Power’s target to have cumulatively deployed over 40,000 GenDrive systems by year end, and to design, build and operate a fueling network in excess of 100 hydrogen fueling stations," the company said.

Plug Power said it would be working with strategic partners to build five hydrogen plants in the U.S. The company has started work on the design phase of the first two plants and expects to complete them by the end of 2022.