Plug Power Rises After Forecasting Profitability in 2014Christopher Martin
Plug Power Inc., the fuel-cell maker that hasn’t had net income since its 1999 initial public offering, rose the most in more than five years after saying it expects to be profitable next year.
Plug rose 61 percent to $1.27 at the close in New York, the most since October 2008.
Fourth quarter orders may reach $40 million and the recurring revenue from service contracts and cost cuts will help it reach profitability in 2014, Latham, New York-based Plug said today in a statement. The company has gained 58 percent this year through yesterday.
Plug received orders for $17.8 million of its fuel cells for forklifts since Oct. 8. The company needs to ship 3,000 units next year for earnings before interest, taxes, depreciation and amortization to reach break even, according to the statement.
(Plug Power scheduled a conference call with analysts and investors at 10:30 a.m. in New York.)