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For the quarter ended September 2024, Plug Power (PLUG) reported revenue of $173.73 million, down 12.6% over the same period last year. EPS came in at -$0.25, compared to -$0.47 in the year-ago quarter.

The reported revenue represents a surprise of -16.38% over the Zacks Consensus Estimate of $207.75 million. With the consensus EPS estimate being -$0.24, the EPS surprise was -4.17%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Plug Power performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Net revenue- Sales of equipment, related infrastructure and other: $107.14 million versus the eight-analyst average estimate of $145.46 million. The reported number represents a year-over-year change of -26.2%.
• Net revenue- Services performed on fuel cell systems and related infrastructure: $14.15 million compared to the $13.97 million average estimate based on eight analysts. The reported number represents a change of +52.3% year over year.
• Net revenue- Power purchase agreements: $20.46 million compared to the $18.62 million average estimate based on eight analysts. The reported number represents a change of +2% year over year.
• Net revenue- Fuel delivered to customers and related equipment: $29.79 million compared to the $26.86 million average estimate based on eight analysts. The reported number represents a change of +53.8% year over year.
• Net revenue- Other: $2.19 million compared to the $3.60 million average estimate based on seven analysts.
• Gross profit- Power purchase agreements: -$31.32 million versus -$29.99 million estimated by seven analysts on average.
• Gross profit- Fuel delivered to customers and related equipment: -$25.75 million versus -$19.17 million estimated by seven analysts on average.
• Gross profit- Sales of equipment, related infrastructure and other: -$42.77 million compared to the -$42.87 million average estimate based on six analysts.
• Gross profit- Other: $0.79 million compared to the $0.49 million average estimate based on five analysts.
• Gross profit- Services performed on fuel cell systems and related infrastructure: $5.06 million compared to the -$3.22 million average estimate based on five analysts.

View all Key Company Metrics for Plug Power here>>>

Shares of Plug Power have returned -4.3% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Zacks Investment Research

Eni S.p.A E, a global integrated energy company, is set to receive a new chunk of investment for its renewable energy business, Plenitude. The Swiss asset management firm Energy Infrastructure Partners (“EIP”) will increase its stake in Plenitude from 7.6% to 10%. The deal values Eni’s renewable energy and retail business unit, Plenitude,at more than 10 billion euros, including debt.

Eni has stated that EIP will purchase new shares issued by the company for approximately 209 million euros. E has adopted a new “satellite” strategy, wherein it will set up separate business units that are capable of drawing investor attention. The new investments will be utilized to grow the businesses further. The deal with EIP aligns with Eni’s satellite strategy.

E believes that this strategy is an ideal path toward energy transition. Eni plans to build low and zero-carbon businesses that can capture the attention of leading investors and grow organically to become sustainable on their own. Eni has also implemented this strategy on a previous deal involving KKR, a U.S.-based investment firm, that purchased a 25% stake in Enilive, its biofuel business unit. Furthermore, Eni is reportedly talking to several potential investors and seeking partners for its carbon capture and storage business.

EIP mentioned that increasing its stake in Plenitude underscores its confidence in the business.

E’s Zacks Rank and Key Picks

Currently, E carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the energy sector are Archrock Inc. AROC, Smart Sand, Inc. SND and FuelCell Energy FCEL. Archrock and Smart Sand presently sport a Zacks Rank #1 (Strong Buy) each, while FuelCell Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.

Smart Sand, Inc. is a low-cost producer of high-quality Northern White frac sand, an ideal proppant for hydraulic fracturing and various industrial applications. The company provides proppant and other logistics services for several companies in the oil and gas industry. With sustained demand in the oil and gas market, the company is expected to see growing demand for its services, supporting a positive outlook.

FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.

Zacks Investment Research