Bloom Surges on Higher Guidance as Earnings Double Estimates
(Bloomberg) -- Bloom Energy Corp. jumped after the fuel-cell maker posted earnings that were more than double expectations and raised full-year guidance for the second consecutive quarter, a sign of rampant demand from data centers.
Bloom reported second-quarter profit of 62 cents per share, according to a statement Tuesday, blowing past the 28-cent average of estimates compiled by Bloomberg. The shares gained as much as 14% in after-hours trading in New York.
The company manufactures fuel cells that produce electricity from natural gas, and its systems are in high demand to power data centers. Although conventional gas turbines have a years-long waiting list, Bloom says it can deliver much faster. Oracle Corp. in April said it would buy 2.8 gigawatts of capacity from Bloom after the company made some deliveries in as few as 55 days.
“Demand is compounding,” Chief Executive Officer KR Sridhar said in a conference call with analysts. “New customers are arriving at a faster pace than ever.”
Booming fuel-cell demand has prompted the company to repeatedly boost sale forecasts. The company said Tuesday that sales this year will range from $3.9 billion to $4.2 billion, up from April guidance of $3.4 billion to $3.8 billion. In February, it projected annual sales of $3.1 billion to $3.3 billion.
That demand has prompted questions about Bloom’s ability to boost production, and whether it can do so fast enough to deliver fuel cells to all the data centers that are clamoring for electricity now.
“Bloom Energy’s AI-power earnings upside rests on converting demand into cash,” Rob Barnett, a Bloomberg Intelligence senior analyst, wrote in a research note.
The company has said it’s doubling production capacity at its Fremont, California, facility this year to about 2 gigawatts annually, and the site could eventually be expanded to make as much as 5 gigawatts a year. Sridhar said on the call Tuesday that Bloom uses a sophisticated algorithm to plan manufacturing, but declined to provide specific details on output.
“We can predict what our capacity needs are going to be,” he said on the call. “Capacity is not going to be our constraint.”
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