Plug Power Posts Net Income on Stock Warrants as Sales Doubled

Aug 14, 2014 7:32 am ET

Aug. 14 (Bloomberg) -- Plug Power Inc., a maker of fuel- cell systems for forklifts, reported profit after recording a gain related to stock warrants.

Plug’s net income was $3.8 million, or 2 cents a share, in the second quarter compared with a loss of $9.3 million, or 14 cents, a year earlier, the Latham, New York-based company said today in a statement.

Sales more than doubled to $17.3 million from $7.5 million a year ago. Results were affected by a $9.6 million gain related to the change in fair value of previously-issued common stock warrants.

Excluding the gain, Plug had a second-quarter adjusted loss of 4 cents a share, matching the forecasts of three analysts surveyed by Bloomberg.