September 26, 2022

Hydrogen fuel cell stocks: Delivery power misses earnings views

Hydrogen fuel cell stocks: Delivery power misses earnings views

power plug (Plug) Earnings forecasts missed second-quarter results, posting a larger-than-expected loss on Tuesday. Hydrogen fuel cell stock PLUG and Ballard Energy Systems (BLDP), who announced early Wednesday, both posted losses on Tuesday. It comes after the US Senate approved a sweeping spending bill over the weekend that would direct billions of dollars toward clean energy projects.


Hydrogen Fuel Cell Inventory: PLUG Profits

EstimatesAnalysts expected Plug Power to report a net loss of 20 cents per share and $161 million in revenue in the second quarter.

earnings: Plug Power lost 3o cents per share and $151.3 million in revenue, up 21% year over year. The company also reaffirmed its full fiscal year sales forecast of between $900 million and $925 million.

PLUG stock sank 1.5% after hours. Shares fell 3.7 percent to 24.67 on Tuesday market trading. The stock regained support at its 40-week moving average last week, following a solid three-week advance on the green energy legislation news. It is well below the recent highs.

Plug Power stock went public in 2002. Headquartered in Latham, New York, Conduction power supplies hydrogen fuel cells Mainly for forklifts in large warehouses. Its fuel cells replace conventional batteries in electrically powered equipment and vehicles. Plug Power customers include retail giants Amazon (AMZN), Walmart (WMT), nike (NKE) And the Home Depot (HD).

The company is looking to produce more than half of its hydrogen energy from fully renewable sources by 2024. It also aims to switch from forklifts to heavy-duty vehicles to service ports in the United States and Europe, as well as stationary fuel cells to power its data centers and distribution centers.

In the first quarter, PLUG reported a loss of 27 cents a share, worse than expectations for a loss of 16 cents. Revenue rose 96% to $140.8 million, but it also didn’t expect to reach $144.8 million.

PLUG stock contains 72 Compound classification Out of 99. It has a relative strength rating of 89, which is an exclusive rating IBD stock check A measure of stock price movement with a score of 1 to 99. The rating shows how the stock’s performance over the last 52 weeks has outperformed all other stocks in the IBD database. EPS rating is 19.

Climate Bill

The Senate passed the proposal, titled Inflation Cuts Act, along the partisan voting streak on Sunday. The legislation includes about $370 billion in funding and programs to accelerate construction of green energy infrastructure across the country. If the law is signed, The bill aims to boost the solar energy industry in the United Statesand electric vehicle manufacturers and other clean energy sectors.

Among the provisions of the legislation are more than $9 billion in federal purchases of US-made clean technology. It also includes $3 billion for the US Postal Service to purchase zero-emissions vehicles. The bill also includes tax breaks and grants in unspecified amounts for states and municipalities that use clean fuels and commercial electric vehicles for public transportation.

Another major part of the package includes tax credits for manufacturing clean hydrogen and clean energy, with specific quantities for photovoltaic cells and wind turbine blades. There is $60 billion in clean onshore energy production and about $30 billion in production tax credits to accelerate American manufacturing of solar panels, wind turbines and batteries.

There are nearly $30 billion in targeted grants and loan programs for states and electric utilities to accelerate the transition to clean electricity. The package also includes loans of up to $20 billion to build new electric car plants and $2 billion in grants to repair existing car plants to make electric cars.

Hydrogen Fuel Cell Inventory: Ballard Power Systems Profits

Estimates: Wall Street expects a net loss of 12 cents per share and $24.6 million in revenue in the second quarter.

consequences: Check out Wednesday morning.

Canadian company Ballard Power Systems focuses on developing fuel cells for commercial vehicles. This includes buses, trucks, trains, ships and boats, as well as stationary power units. Like Plug Power, Ballard is betting big that hydrogen will be a major part of the global energy transition away from fossil fuels.

BLDP stock changed little overnight. Shares fell 5.3 percent to 8.41 on Tuesday.

Ballard missed estimates in the first quarter with a loss of 14 cents a share and sales of $21 million. Analysts expect Ballard to report a loss of 52 cents per share in 2022 for $110.3 million in revenue.

“We ended the quarter with strong cash reserves of $1.1 billion, enabling us to implement our growth strategy,” CEO Randy McEwen said after the first quarter.

He added, “We are confident that the investment ahead of the curve will position the company in a niche with a significant market share as hydrogen adoption accelerates over the coming years.”

Ballard has a composite rating of 30. It has a relative strength rating of 27 and an EPS rating of 2. While fuel cell stock is making solid progress for three weeks, Ballard is still 78% down from its February 2021 high.

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