Plug Power Inc (PLUG) saw its loss widen to $13.42 million, or $0.07 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $10.24 million, or $0.06 a share.
Revenue during the quarter plunged 44.14 percent to $17.56 million from $31.43 million in the previous year period. Gross margin for the quarter expanded 193 basis points over the previous year period to 2.17 percent. Operating margin for the quarter stood at negative 75.49 percent as compared to a negative 38.99 percent for the previous year period.
Operating loss for the quarter was $13.26 million, compared with an operating loss of $12.26 million in the previous year period.
“Plug Power is executing on a balanced strategy of delivering sustainable returns within the material handling space while beginning to unearth new market opportunities to maintain our position as a global market leader in fuel cell technology,” said Andy Marsh, chief executive officer of Plug Power. “Our third quarter results underline continued improvement in our operating model, with production and implementations on schedule, a robust and growing sales pipeline, and continued margin expansion. Looking ahead, we are encouraged at the immense long-term opportunity set we see for our technology within motive power electric vehicle applications worldwide.”
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
