Fuel Cell Company Plug Power Is Surging (PLUG, BLDP, FCEL)
<img style="float:right;" src="http://static4.businessinsider.com/image/53eca6cf6bb3f71c1a1f4227-768-576/plug-power-2.jpg" border="0" alt="plug power">
Shares of fuel cell maker Plug Power were up as much as 8% in pre-market trade after the company reported earnings and revenue that topped expectations.
Plug Power reported revenue of $17.3 million, topping expectations for $16.65 million. The company<span style="font-size: 15px; line-height: 1.5em;"> also reported an adjusted net loss per share of $0.04 against expectations for a loss of $0.04. </span>
<span style="font-size: 15px; line-height: 1.5em;">At quarter-end, Plug Power had cash and cash equivalents of $168.6 million and net working capital of $190.4 million, compared with $5 million and $11.1 million at Dec. 31. </span>
<span style="font-size: 15px; line-height: 1.5em;">The company reported that it shipped 687 GenDrive fuel cell units during Q2 to customers that included Wal-Mart, Procter & Gamble, and Central Grocers. This compares with 246 units shipped in the prior year period. </span>
<span style="font-size: 15px; line-height: 1.5em;">In its earnings press release, Plug Power said:</span>
<p style="padding-left: 30px;"><span style="font-size: 15px; line-height: 1.5em;"><span>The Company has secured GenDrive and GenKey deals with Volkswagen, BMW, Mercedes-Benz and Honda. The Company expects that success within the auto-manufacturing market will open up a plethora of global opportunities as these customers standardize on hydrogen fuel cells to power the electric lift trucks at their manufacturing sites worldwide.</span></span>
<span style="font-size: 15px; line-height: 1.5em;">Earlier this year, Plug Power — and the broader fuel cell space — was a huge market story, as shares in the sector exploded higher in March before tumbling through the spring. </span>
<span style="font-size: 15px; line-height: 1.5em;">Year-to-date, however, Plug Power is still on a tear, up more than 275%. </span>
<span style="font-size: 15px; line-height: 1.5em;">Other fuel cell stocks include Fuel Cell, up 2.5% in pre-market trade, and Ballad Power, also up 2.5% in the pre-market. </span>
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