Plug Power Surges After Announcing Record Second-Quarter Sales

Plug Power Inc., a maker of fuel-cell systems for forklifts, rose from a 18-month low after announcing it will report record sales for a single quarter.

Plug climbed 10 percent to $2.47 at 8:59 a.m. in New York. The shares closed Monday at their lowest since December 2013.

For the second quarter, Plug shipped 888 fuel cells to customers, up from 687 units a year earlier, the Latham, New York-based company said in a statement before regular trading began on Tuesday.

That will lead to record revenue for the second quarter, the company said, without disclosing the figure. Sales in the first quarter were $9.41 million, down from $21.5 million in the prior period.

Plug expects to meet its revenue target for the year of more than $100 million, which includes deliveries of 3,300 fuel-cell units and construction of 15 new hydrogen fueling systems.

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