Energy

Clean Energy Tries to Sell Non-Performance (CLNE)

Clean_energy_tankerClean Energy Fuels (NASDAQ:CLNE), T. Boone Pickens’s public alternative energy company for converting natural gas to auto fuel, reported preliminary third quarter results after the market closed yesterday. There was no good news. Analysts were estimating EPS of -$0.15, and Clean Energy reported a loss in the range of -$0.23 to -$0.26 per share, about eight times worse than the same period a year ago. Revenues will also miss estimates of $37.71 million.

The company announced a private placement of stock and warrants worthabout $35 million yesterday. That gave the stock a bump of nearly 3%yesterday, but it’s still trading much closer to 52-week lows. CleanEnergy will use the proceeds for "working capital and other generalcorporate purposes." That’s usually what companies use revenues andprofits for.

T. Boone Pickens also just gave a fairly somber interview this morning,and he said he was out of the market but thinks oil will go back up.

Paul Ausick
October 30, 2008

It’s Your Money, Your Future—Own It (sponsor)

Are you ahead, or behind on retirement? For families with more than $500,000 saved for retirement, finding a financial advisor who puts your interest first can be the difference, and today it’s easier than ever. SmartAsset’s free tool matches you with up to three fiduciary financial advisors who serve your area in minutes. Each advisor has been carefully vetted and must act in your best interests. Start your search now.

If you’ve saved and built a substantial nest egg for you and your family, don’t delay; get started right here and help your retirement dreams become a retirement reality.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.

AI Portfolio

Discover Our Top AI Stocks

Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.

You can follow him investing $500,000 of his own money on our top AI stocks for free.