Plug Power Declines After Reducing 2012 Sales Guidance
Plug Power Inc. (PLUG), the fuel-cell maker that’s reported net losses each quarter since public trading began, fell the most in four months after orders slowed and it cut sales guidance for the year.
Plug Power, based in Latham, New York, dropped 7 percent to $1.13 at the close, the biggest decline since April 9. The shares have dropped 45 percent this year.
The company reduced its 2012 sales forecast to $30 million to $35 million, down from prior guidance of $40 million, according to a statement today. Plug Power’s second-quarter loss narrowed to $6.48 million, or 17 cents a share, from $6.75 million, or 41 cents, a year earlier.
Delays in some orders will also reverse an expected positive gross margin of 10 percent this year to a negative 5 percent to 10 percent, the company said.
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