Clean Energy Fuels (CLNE) Misses, Reports Larger Loss

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04:55:02 pm on May 6, 2010

Clean Energy Fuels (CLNE) reported after the bell today, missing Wall St estimates by reporting a wider loss of .07/share vs the estimate of a .03/share loss.  Revenues missed as well, coming in at $39 million vs  the estimate of $43 million.  It’s an improvement over the year ago quarter on the revenue side, but traders are selling companies that meet estimates, so they’re certainly going to dump them if they miss and that’s what’s happening in after hours trading with CLNE down another 5%, despite being hammered over the past month. 

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As CEO’s do best, Andrew J. Littlefair put a positive spin on the quarter: “We are encouraged by the positive developments for the industry and the outlook for our business. We are continuing to see a growing interest in our product from a number of key markets, including refuse, airports and regional trucking, and we have a strong sales team in place across the country to ensure that we are capitalizing on our opportunities. With a healthy balance sheet that includes $66.3 million in cash and cash equivalents, we will be able to build more stations than ever before in our history as well as make other strategic investments that will support our ability to generate strong growth in the future.”

Technically, there is a lot of support on CLNE in the 15 area, so there could be some buy interest at that level, but with the overall market in an incredible state of disarray, I’m not sure I’d be buying anything right now.                                                    

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