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While the fuel cell maker reported a loss, it still beat the sole estimate from Cowen & Co. and showed marked improvement in sales and revenue.
The Latham, N.Y.-based company reported total revenue for Q4 of 2013 of $8 million, up from $5.9 million in the same quarter a year earlier. For the full fiscal year, total revenue was $26.6 million, compared to $26.1 million a year ago.
PLUG also narrowed adjusted losses to $0.08 a share in the fourth quarter, compared with $0.25 a share last year. That was roughly right in-line with Cowen's estimates.
But it wasn't the improved numbers that sent shares soaring. It was the company's upbeat guidance.
Chief Executive Officer Andy Marsh said he believes PLUG will finish 2014 in the black thanks to robust orders that are expected to be up fourfold from 2013's total. Year to date, orders for fiscal 2014 have already exceed $60 million.
"I firmly believe that this continuing momentum will carry on throughout 2014, and that orders for this year will total more than $150 million – almost four times our total for 2013," Marsh said in a statement. "We are also on track to achieve our goal of EBITDAS break even by Q3 2014."
Less than three months into 2014, it's already been quite a year for PLUG….
What's Behind Plug Power's (Nasdaq: PLUG) 2014 Rollercoaster Ride
Founded in 1997, PLUG is an alternative energy provider of hydrogen fuel cell systems for the worldwide industrial off-road markets. It's just one of several microcap alternative energy stocks that have been on fire in 2014. Indeed, PLUG is one of Nasdaq's best performers so far in 2014.
Following is a timeline of PLUG's 2014 rollercoaster ride.
- PLUG shares got a jolt in mid-January when the company sealed a deal with FedEx Corp. (NYSE: FDX) to develop hydrogen fuel cell extenders for 20 FedEx electric trucks. The news sent shares surging a whopping 68% on Jan. 17 to a fresh 52-week high of $4.90.