After ecommerce giant Amazon.com Inc. (AMZN) inked a deal with hydrogen and fuel cell energy leader Plug Power Inc. (PLUG) last month, the renewable energy segment caught a much needed break. Uncertainty over a coal-loving President Donald Trump, who has a rocky relationship with green energy, along with macro headwinds and a failure to secure profitability, have dragged down fuel cell leaders in the recent period. Bulls however, foresee a long-term shift to sustainable energy, and prospects for capabilities in manufacturing to drive companies such as Plug Power and its peers.
Shares of the Latham, N.Y.-based hydrogen fuel cell systems provider are down about 9.7% on early trading Tuesday morning at a price of $2.04 per share.
Plug Power posted a loss of $24.1 million in the first quarter, or $0.13 per share. The Street had expected a loss of $0.07 per share. The alternative energy leader reported Q1 revenues of $15.2 million, compared to year ago sales of $15.33 million and falling short of forecasts for $24.9 million.
Ballard Power Systems
Burnaby, British Columbia-based Ballard Power Systems (BLDP) saw its shares dip last week after reported weaker-than-expected first quarter earnings on May 2.
The maker of proton exchange membrane fuel cells posted as loss of $2.9 million or $0.02 per share in Q1, in line with the Street’s expectations. Revenues of $22.7 million came in below the Street’s forecasts for $24.7 million. Trading at a price of $2.72 on Monday morning, BDLP reflects an approximate 90.9% gain over the 12-month period and a 63.6% increase year to date.
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