* Expects Q2 sales of $16 mln-$18 mln
* Expects 2014 EBITDA loss of $0.5 mln-$3 mln
* Expects Q2 EBITDA loss of $3 mln-$4 mln
* Shares fall as much as 10 pct
(Adds details from conference call, background, share movement)
May 14 Fuel-cell maker Plug Power Inc
warned it no longer expects to turn profitable this year, after
reporting a bigger-than-expected first-quarter loss due to a
fall in orders.
The company's shares fell as much as 10 percent on
Plug Power, which makes hydrogen fuel cells to power
forklifts, told Reuters in March that it expects to report a
profit on an EBITDA basis for the first time in 2014.
The company has been racking up orders ever since French
industrial gas maker Air Liquide invested in it last
The New York-based company said it had already booked more
than $80 million in orders to date in 2014 - double of last
year's total orders - but costs have also climbed.
Plug Power expects to stay in the red in the current quarter
and forecast a core loss of $3 million-$4 million, Chief
Financial Officer David Waldek said on a conference call with
The company said it expects a full-year EBITDA loss of
$500,000 to $3 million.
However, Plug Power said it expected a big jump in orders in
the current quarter.
The company expects to ship more than 650 of its GenDrive
fuel cell units in the second quarter, a significant increase
from the 165 it shipped in the first quarter ended March 31.
Plug Power, which counts Wal-Mart Stores Inc,
Daimler AG, Mercedes and BMW among its
customers, announced an order for 182 fuel cell units from
Central Grocers Inc just last week.
It forecast sales of $16 million-$18 million for the current
quarter, above analysts' average estimate of $15.5 million,
according to Thomson Reuters I/B/E/S.
The company's fuel-cell systems replace lead-acid batteries
to power forklifts without burning fuel, making them an
efficient and pollution-free alternative to combustion engines.
Plug Power shares were down about 5 percent at $3.88 in
midday trading on the Nasdaq. They had earlier slipped to a low
U.S.-listed fuel cell makers, including Fuel Cell Energy Inc
, Ballard Power Systems Inc and
Hydrogenics Corp , have been on a tear in
recent months as investors bet on growing demand for the cleaner
Plug Power shares have risen more than 1,500 percent in the
past 12 months.
Excluding items, the company posted a loss of 6 cents per
share, higher than analysts' average estimate of a loss of 5
cents per share.
Revenue fell about 13 percent, to $5.6 million. Orders
declined 31 percent in the first quarter, while research and
development costs shot up 63 percent.
(Reporting by Anannya Pramanick in Bangalore; Editing by Simon
Jennings and Sayantani Ghosh)