Energy
Pickens & Pelosi: Clean Energy Does Better Than Expected (CLNE)
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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
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