Plug Power Stock Falls On Q2 Earnings: Revenue Miss, EPS Miss, Soft Guidance, New COO And More
Portfolio Pulse from Adam Eckert
Plug Power Inc (NASDAQ:PLUG) reported disappointing Q2 earnings with revenue and EPS missing estimates. The company provided soft guidance for 2024 and announced a new COO, Dean Fullerton, from Amazon. Despite the setbacks, Plug Power is making progress on its new hydrogen plant in Louisiana.
August 08, 2024 | 1:25 pm
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NEUTRAL IMPACT
Dean Fullerton, previously responsible for global engineering services at Amazon, has been appointed as the new COO of Plug Power.
The appointment of Dean Fullerton as COO of Plug Power is a minor event for Amazon, with limited impact on its stock price.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 20
NEGATIVE IMPACT
Plug Power reported Q2 revenue of $143.4 million, missing estimates, and an adjusted loss of 36 cents per share. The company provided soft guidance for 2024 and announced a new COO. Shares fell 5.29% following the news.
The significant miss on both revenue and EPS, combined with soft guidance for 2024, is likely to negatively impact investor sentiment in the short term. The appointment of a new COO and progress on the hydrogen plant are positive, but not enough to offset the negative earnings news.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100