Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Plug Power Declines After Reducing 2012 Sales Guidance

Aug. 14 (Bloomberg) -- Plug Power Inc., 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.

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.