Energy
Pickens & Pelosi: Clean Energy Does Better Than Expected (CLNE)
Published:
Last Updated:
Clean Energy Fuels Corp. (NASDAQ:CLNE) reported a quarterly EPS loss of -$0.09, excluding certain items, beating analysts’ estimates of a loss of -$0.37. Revenue was essentially flat with the fourth quarter of 2007 at $29.6 million, compared with estimates of $34.51 million.
The company, founded by T. Boone Pickens who is still the largest shareholder, sold 18.7 million gasoline gallon equivalents of compressed and liquid natural gas in the fourth quarter, compared with 18.2 million gallons in the same period in 2007. The company’s president and CEO noted that he expects to see “demand increasing for natural gas as a vehicle fuel” as environmental concerns become more of a focus in the US. The company also sees lower emissions standards for diesel fuel, which become effective next year, contributing to growth.
The stock closed off about 8% yesterday, before earnings were announced. Shares hit a 52-week high of $19.95 in September and have fallen to $4.70 at yesterday’s close. Shares are up about 5% right before the open.
Paul Ausick
March 6, 2009
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
