Plug Power Boosts 2024 Revenue Target to $1.2 Billion; Sees Increased Profitability

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2020-06-23 18:11:41

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Charging up investors' hopes that electric growth was on the horizon, Plug Power (NASDAQ:PLUG) stated in September 2019 that it was forecasting revenue of $1 billion in 2024. Now, management is upping its target. Today, the company foresees $1.2 billion on the top line in 2024 as a result of two recent acquisitions: United Hydrogen Group and Giner ELX. According to management, these two transactions "further enhance Plug Power's position in the hydrogen industry with capabilities in generation, liquefaction and distribution of hydrogen fuel complementing its industry-leading position in the design, construction, and operation of customer-facing hydrogen fueling stations."

But it's not only the top line where Plug Power is raising its expectations. The company also expects the acquisitions to contribute to the company's profitability in 2024. In the forecast issued last September, Plug Power targeted operating income and adjusted EBITDA of $170 million and $200 million, respectively. Based on the two acquisitions, however, the company now foresees operating income of $210 million and adjusted EBITDA of $250 million.

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