Wrapping up Q3 earnings, we look at the numbers and key takeaways for the renewable energy stocks, including Plug Power (NASDAQ: PLUG) and its peers.
Renewable energy companies are buoyed by the secular trend of green energy that is upending traditional power generation. Those who innovate and evolve with this dynamic market can win share while those who continue to rely on legacy technologies can see diminishing demand, which includes headwinds from increasing regulation against “dirty” energy. Additionally, these companies are at the whim of economic cycles, as interest rates can impact the willingness to invest in renewable energy projects.
The 18 renewable energy stocks we track reported a mixed Q3. As a group, revenues missed analysts’ consensus estimates by 5.4% while next quarter’s revenue guidance was 0.6% above.
Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 9.6% since the latest earnings results.
Plug Power (NASDAQ: PLUG)
Powering forklifts for Walmart’s distribution centers, Plug Power (NASDAQ: PLUG) provides hydrogen fuel cells used to power electric motors.
Plug Power reported revenues of $173.7 million, down 12.6% year on year. This print fell short of analysts’ expectations by 18.7%. Overall, it was a disappointing quarter for the company with a miss of analysts’ Power Purchase Agreements revenue estimates and full-year revenue guidance missing analysts’ expectations.
Plug Power CEO Andy Marsh stated: “Plug Power's performance this quarter underscores our commitment to building a sustainable and profitable hydrogen future. Our progress in electrolyzer deployments, advancements in hydrogen production, and expansion into new markets reflect our team's dedication to leading the build out of the hydrogen economy.”
The stock is down 21.9% since reporting and currently trades at $1.55.
Read our full report on Plug Power here, it’s free.
Best Q3: Bloom Energy (NYSE: BE)
Working in stealth mode for eight years, Bloom Energy (NYSE: BE) designs, manufactures, and markets solid oxide fuel cell systems for on-site power generation.
Bloom Energy reported revenues of $572.4 million, up 60.4% year on year, outperforming analysts’ expectations by 12.8%. The business had an incredible quarter with an impressive beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.
Bloom Energy pulled off the biggest analyst estimates beat, fastest revenue growth, and highest full-year guidance raise among its peers. However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $23.03.
Is now the time to buy Bloom Energy? Access our full analysis of the earnings results here, it’s free.
TPI Composites (NASDAQ: TPIC)
Founded in 1968, TPI Composites (NASDAQ: TPIC) manufactures composite wind turbine blades and provides related precision molding and assembly systems.
TPI Composites reported revenues of $346.5 million, up 16.7% year on year, falling short of analysts’ expectations by 5%. It was a disappointing quarter as it posted full-year revenue guidance missing analysts’ expectations.
As expected, the stock is down 30.1% since the results and currently trades at $1.01.
Read our full analysis of TPI Composites’s results here.
Shoals (NASDAQ: SHLS)
Started in Huntsville, Alabama, Shoals (NASDAQ: SHLS) designs and manufactures products that make solar energy systems work more efficiently.
Shoals reported revenues of $107 million, down 18% year on year. This number beat analysts’ expectations by 4.9%. Zooming out, it was a slower quarter as it recorded full-year EBITDA guidance missing analysts’ expectations and a significant miss of analysts’ EPS estimates.
The stock is down 23.8% since reporting and currently trades at $3.42.
Read our full, actionable report on Shoals here, it’s free.
First Solar (NASDAQ: FSLR)
Headquartered in Arizona, First Solar (NASDAQ: FSLR) specializes in manufacturing solar panels and providing photovoltaic solar energy solutions.
First Solar reported revenues of $1.51 billion, up 30.7% year on year. This result surpassed analysts’ expectations by 2%. However, it was a softer quarter as it produced full-year EPS guidance missing analysts’ expectations and a significant miss of analysts’ adjusted operating income estimates.
The stock is down 10.3% since reporting and currently trades at $132.10.
Read our full, actionable report on First Solar here, it’s free.
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