Earnings Previews and Reviews – IVAN, FOSL, PLUG
Ivanhoe Energy Inc. (IVAN), Fossil, Inc. (FOSL), and Plug Power Inc. (PLUG) are today’s top three earnings previews and reviews.
Ivanhoe Digs Up Some Better-than-Expected Results
Ivanhoe Energy Inc. [[IVAN]], an independent international heavy oil development and production company, reported a net loss of $2.8 million, compared to $11.4 million a year ago, on revenues that jumped 65.13% to nearly $8 million for the quarter. Meanwhile, capital spending decreased from $6.7 million to $5.8 million for the quarter amid tighter controls.
Investors were particularly impressed with the impact of the Ivanhoe’s HTL (heavy-to-light) heavy-oil upgrading process, which favorably impacted capital costs, economics and the scale of its facilities. Meanwhile, its Tamarack project advanced through a number of engineering and regulatory milestones, with delineation drilling to begin in January of 2010.
Will Fossil Project a Stale Fourth Quarter?
Fossil, Inc. [[FOSL]], a global designer and distributor of fashion accessories, is expected to report its third quarter earnings after the bell on Tuesday. Analysts expect the company to earn between $0.40 and $0.43 per share on revenues that are expected to drop 8% to $376.88 million. However, the company has historically beat earnings expectations by upwards of 25%.
Fossil surprised analysts by posting a 25% surprise to the upside in the second quarter, but shares dropped as analysts weren’t impressed with its third quarter guidance. The question now is whether or not this guidance may have turned out to be too conservative, and whether or not the fourth quarter guidance will be revised downwards this quarter.
Plug Power Fails to Power Up in Third Quarter
Plug Power Inc. [[PLUG]], a development-stage fuel cells systems provider, reported lackluster results for the third quarter on Monday. The company narrowed its net loss to $10.17 million, from $13.81 million a year ago, but saw its revenues drop 37.3% to $2.54 million. Meanwhile, the company’s cash position of $80.8 million dropped to just $24.1 million to close the quarter.
Plug Power’s lower revenues were primarily the result of decreased research and development contract revenues, due to the completion and near completion of funded projects in both the United States and Canada as well as a delay in the timing of deliverables in new programs. Meanwhile, the company also shipped less products and saw an increase in non-deferred revenues from the prior period system shipments now being recognized.
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