SAN JOSE, Calif. (AP) 鈥� SAN JOSE, Calif. (AP) 鈥� Bloom Energy Corp. (BE) on Tuesday reported first-quarter net income of $70.7 million, after reporting a loss in the same period a year earlier.
The San Jose, California-based company said it had net income of 23 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, were 44 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.
The developer of fuel cell systems posted revenue of $751.1 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $498.1 million.
Bloom Energy expects full-year earnings in the range of $1.85 to $2.25 per share, with revenue in the range of $3.4 billion to $3.8 billion.
Bloom Energy shares have more than doubled since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $226.37, rising elevenfold in the last 12 months.
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