Market Overview

Clean Energy Fuels Revenue Climbs 46% (CLNE)

Seal Beach, California based Clean Energy Fuels Corp. (Nasdaq: CLNE) released financial results on Monday after the market closed.

Clean Energy Fuels Corp announced that its 3rd quarter net loss narrowed to $1.8 million, or 3 cents per share, from a net loss of $18.5 million, or 31 cents per share, a year earlier.

The company's revenue climbed 46% to $45.7 million, up from $31.2 million a year earlier.

According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 7 cents per share, on revenue of $51.11 million.

President and chief executive officer Andrew J. Littlefair said, “We continued to leverage our expertise in the field of natural gas fueling during the third quarter and subsequent weeks to maintain our leadership position. Noteworthy was our announced partnership with the largest retail operator of truck stops in North America, Pilot Flying J. This partnership affords us the ability to create a nationwide network of LNG Stations for heavy-duty trucks and to orchestrate the expansion of that network based on geographic demand trends. This is particularly important as we expand beyond our core markets of airports, refuse, and municipal transportation to include high volume regional trucking fleets, which represent a large part of our nation's fuel consumption on an annual basis.

Clean Energy Fuels Corp. (CLNE) finished the trading day at $15.49 per share. The consensus price target of analysts covering the company's stock is $18.00 per share.

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Posted-In: Earnings News

 

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