PLUG) and renewable energy stocks in Q2

Let’s dig into the relative performance of Plug Power ( NASDAQ:PLUG ) and its peers as we unveil the now-concluded Q2 renewable earnings season.

Renewable energy companies are supported by the secular green energy trend, which is changing traditional power generation. Those who innovate and evolve with this dynamic market may gain share, while those who continue to rely on legacy technologies may see demand decline, which includes headwinds from increased regulation against “dirty” energy. In addition, these companies are at the whim of economic cycles, as interest rates can affect the willingness to invest in renewable energy projects.

The 15 renewable energy stocks we track reported a mixed Q2. As a group, revenue missed analysts’ consensus estimates by 2.2%, while revenue guidance for the next quarter was 9.3% lower.

Inflation has recently moved toward the Fed’s 2% target, prompting the Fed to cut its policy rate by 50bps (half a percentage point, or 0.5%) in September 2024. This is the first cut in four years. While CPI (inflation) readings have been supportive of late, measures of employment have edged closer to worrisome. Markets will debate whether the timing of this rate cut (and potential more in 2024 and 2025) is ideal for supporting the economy or a little too late for a macro economy that has already cooled too much.

Amid this news, renewable energy stocks had a rough stretch. On average, share prices are down 5.6% since the last results.

Plug Power (NASDAQ:PLUG)

Powering forklifts for Walmart distribution centers, Plug Power ( NASDAQ:PLUG ) supplies hydrogen fuel cells used to power electric motors.

Plug Power reported revenue of $143.4 million, down 44.9% from the prior year. This pattern was below analysts’ expectations by 23%. Overall, it was a softer quarter for the company, with full-year revenue guidance missing analysts’ expectations.

Plug Power CEO Andy Marsh said: “The second quarter of 2024 was pivotal for Plug Power as we continue to make progress on our strategic initiatives and operational capabilities. The addition of Dean Fullerton as COO strengthens our leadership team and our recent achievements in Electrolyzer Deployments and Partnerships demonstrate our unwavering commitment to advancing the hydrogen economy. We are excited about the opportunities ahead and remain focused on delivering sustainable energy solutions that drive value for customers and stakeholders.”

Interestingly, the stock is up 2.6% since the report and is currently trading at $2.14.

Read our full report on Plug Power here, it’s free.

The story continues

Best Q2: Sunrun (NASDAQ:RUN)

Helping homeowners harness solar energy to power their homes, Sunrun (NASDAQ:RUN) provides residential solar power, specializing in panel installation and rental services.

Sunrun reported revenue of $523.9 million, down 11.2% from a year earlier, beating analysts’ expectations by 1.2%. The business had an amazing quarter, beating analysts’ earnings estimates impressively.

The market seems happy with the results as the stock is up 2.6% since the report. It is currently trading at $16.88.

Is now the time to buy Sunrun? Access our full earnings results analysis here, it’s free.

Q2 Weakest: Intermittent Charging (NASDAQ:BLNK)

One of the first electric vehicle charging companies to go public, Blink Charging (NASDAQ:BLNK) is a manufacturer, owner, operator and provider of electric vehicle charging equipment and network charging services for electric vehicles.

Blink Charging reported revenue of $33.26 million, up 1.3% from a year earlier and missing analysts’ expectations by 14.5%. It was a disappointing quarter as it posted a miss on analysts’ earnings estimates.

As expected, the stock is down 34.4% since the results and is currently trading at $1.66.

Read our full review of Blink Charging’s results here.

FuelCell Energy (NASDAQ:FCEL)

Founded in 1969, FuelCell Energy (NASDAQ: FCEL ) is a leading manufacturer and developer of carbonate fuel cell technology for stationary power generation.

FuelCell Energy reported revenue of $23.7 million, down 7.1% from the prior year. That number beat analysts’ expectations by 4.7%. Taking a step back, it was a mixed quarter as it also beat analysts’ earnings estimates decently, but missed analysts’ operating margin estimates.

The stock is down 11.6% since reporting and is currently trading at $0.36.

Read our full and actionable report on FuelCell Energy here, it’s free.

American Superconductor (NASDAQ:AMSC)

Founded in 1987, American Superconductor (NASDAQ:AMSC) has moved from superconductor research to power systems development, adapting to the changing needs of the power grid and naval technology requirements.

American Superconductor reported revenue of $40.29 million, up 33.2% from the prior year. This pattern beat analysts’ expectations by 2.4%. It was a standout quarter as it also proposed revenue guidance for the next quarter, beating analysts’ expectations.

The stock is up 4.5% since the report and is currently trading at $21.51.

Read our full and practical report on American Superconductor here, it’s free.

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