PLUG POWER INC. RDI Initiates Coverage:
Plug Power Inc. https://ub.rdinvesting.com/news/?ticker=PLUG
FuelCell Energy Inc. https://ub.rdinvesting.com/news/?ticker=FCEL
Plug Power rose by $0.08 a share on Thursday, closing at $1.28. The company announced its 4th quarter results and its full year results for 2016 on March 9th. It reported a 4th quarter revenue of $32.6 million and a full year 2016 revenue of $85.9 million. Ending the year with $46 million in cash, the company also provided detailed sales data reflecting $16.6 million in power purchase agreements (PPAs) entered into in the 4th quarter, and an annual PPA total of $66.2 million of PPAs. Reported net loss of $19.2 million or $0.11 a share reflected improvement over net loss of $25.2 million or $0.14 a share reported in same quarter prior year, it was still short of consensus view of loss of $0.06 a share, according to Thomson Reuters. Company however reiterated 2017 GAAP revenue guidance of $130 million for the year 2017.
CEO Andy Marsh was optimistic on the result, stating that the company's position as "the leader in hydrogen fuel cell technology within the material handling space" will continue to improve, largely suggested by a 4th quarter sales achievement of a record deployment of 1,204 GenDrive units.
Access RDI's Plug Power Research Report at: https://ub.rdinvesting.com/news/?ticker=PLUG
FuelCell Energy saw its stock dip a bit, down by $0.025 a share to close at $1.375 on the day. The company has published a couple of news events over the past 7-10 days. On March 14th, it received $5 million credit facility from the Connecticut Green Bank to build a 3.7 Megawatt, high efficiency utility-scale project in the city of Danbury. On Monday, March 20th, the company announced the completion of a 20 megawatt fuel cell park in Seoul, South Korea, constructed by South Korean business partner POSCO Energy. Finally, on Tuesday, March 21st, the company announced in a press release that it has signed a memorandum of understanding with its partner POSCO to "directly develop the Asian fuel cell business for the purpose of expanding Asian market opportunities." The agreement, when finalized, will allow FuelCell to commence marketing it's suite of "SureSource" solutions for Korean and broader Asian market for the supply, recovery and storage of energy, whereas POSCO energy will continue to service existing installed base of FuelCell plants in South Korea and will commit to specific level of module purchases from FuelCell Energy to supplement its own manufacturing for servicing their existing fleet.
Access RDI's FuelCell Research Report at: https://ub.rdinvesting.com/news/?ticker=FCEL
Our Actionable Research on Plug Power Inc. (NASDAQ: PLUG) and FuelCell Energy Inc. (NASDAQ: FCEL) can be downloaded free of charge at Research Driven Investing.
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