Fuel cell provider Plug Power tumbles after giving a bleak outlook

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Markets Insider

  • Plug Power, a leader in fuel-cell solutions, was tanking on Thursday after it gave bleak 2018 forward guidance.
  • Plug’s stock is down 7.32% at $1.84 following the announcement.
  • The company said that it was anticipating a slate of “disappointments,” including expedited costs, shortfalls due to service, and hydrogen costs, Bloomberg reported.
  • The company said its quarterly earnings for the fourth-quarter would come in at approximately $30 million, less than analyst’s expectations of $34.6 million.
  • It expects 2018 revenue to be in the range of $155 million to $180 million, below Wall Street estimates of $214.6 million.
  • Its first-quarter 2018 guidance was $22 million to $24 million in revenue, short of the $38.4 million that analysts expected.
  • Plug is slated to report earnings on March 8.
  • Shares are down 23.65% for the year.

Read more about electric car marker Tesla’s earnings miss here.