Clean Energy Fuels (CLNE) Beats, But Posts Another Non GAAP Loss

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07:30:29 pm on August 9, 2010

Clean Energy Fuels (CLNE) posted better than expected results after the bell today reporting a non GAAP Q2 loss of $0.06, vs  the analyst estimate of ($0.07) on revenues of $44 million, vs the estimate of $43.41 million.  While the EPS number was worse than the year ago quarter’s number of ($0.01), the company posted a 58% increase in revenues.

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CEO Andrew Littlefair commented on developments in the quarter: “We made some very significant progress in the second quarter and subsequent weeks, not the least of which was our agreement to acquire IMW Industries Ltd., the premier manufacturer of advanced natural gas fueling compressors. We believe this acquisition will make us even more competitive by enabling us to participate in the worldwide expansion of NGVs while broadening our product offerings in the U.S. Also on the domestic front, we remain encouraged with the direction of our business and our industry overall. We have reached meaningful scale at the Ports of Los Angeles and Long Beach with nearly 1,000 LNG-fueled trucks now in operation and we are seeing continued growth in other key sectors including, airports, refuse, and municipal transportation.”

Shares of CLNE are trading flat after hours and continue to look bullish on the daily chart with key support in the 16 – 16.50 range. 

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