Karishma Vanjani
Plug Power stock fell on Friday after the fuel-cell company said its annual revenue would be lower than expected because of supply-chain problems.
Revenue for 2022 will be 5% to 10% lower than the $900 million to $925 million management predicted on Aug. 10 during a call with investors to discuss Plug Power's second-quarter earnings. The shortfall is due to "some larger projects potentially being completed in 2023 instead of 2022 due to timing and broader supply chain issues," the company said.
The stock (ticker: PLUG) fell as much as 6% after markets opened on Friday. Shares have fallen 32% this year.
General Electric $(GE)$ recently gave a similar warning. Ar a conference last month, Chief Financial Officer Carolina Dybeck Happe said supply-chain problems continue to impair its ability to get goods to customers. Delivery dates for jet engines and other aerospace products have been pushed later, "which has a negative impact on profit," she said.
Plug Power said it recently became aware of the likely impact and will share more details on its financial outlookon Oct. 19. It confirmed that the projects will be completed no later than 2023 and that demand remains robust.
Write to Karishma Vanjani at karishma.vanjani@dowjones.com
(END) Dow Jones Newswires
October 14, 2022 11:13 ET (15:13 GMT)
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