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Clean Energy Fuels (CLNE) Beats EPS Estimates But Loss Widens
Shares of Clean Energy Fuels (CLNE) are giving back about 8% of today’s 25% surge after hours after reporting mixed results. Revenues missed expectations by one million at 35.3 million for the quarter, good for a 21% increase over the year ago quarter. EPS, excluding one time stock compensation charges came in at a loss of .18/share, a bit better than the .22 loss analysts had expected. That compares to a flat non GAAP EPS in the year ago quarter.
Said CEO, Andrew Littlefair, “Even with the recent drop in diesel prices, we continue to have fleet operators come to us in search of an economical and viable solution in light of anticipated future fuel price volatility and the more stringent fuel emission standards that are on the horizon in 2010. In addition, subsequent to quarter’s end, we raised approximately $32.5 million of capital, which will help us meet our future capital expenditure needs. Our ability to raise capital in this challenging environment encourages us about the strength of our business model and the support for our long-term growth strategies.”
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