Clean Energy Fuels (CLNE) Misses, Shares Pressured

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10:11:31 am on November 9, 2010

Shares of Clean Energy Fuels (CLNE) are under pressure today after the company announced results that missed analyst estimates both on the EPS and revenue side.  The company reported a non GAAP EPS of (.10) share vs the analyst estimate of a .07/share loss on revenues of $45.7 million vs the analyst estimate for $51 million.  While the revenue number represents the 4th consecutive quarter of quarter over quarter growth, the losses continue to pile up.  Certainly a disappointing quarter from a company that appears to be taking a step backwards.. at least in the shorter term.

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CEO Andrew J. Littlefair avoided any discussion of the disappointing quarter and instead focused on the future, saying, “We continued to leverage our expertise in the field of natural gas fueling during the third quarter and subsequent weeks to maintain our leadership position. Noteworthy was our announced partnership with the largest retail operator of truck stops in North America, Pilot Flying J. This partnership affords us the ability to create a nationwide network of LNG Stations for heavy-duty trucks and to orchestrate the expansion of that network based on geographic demand trends. This is particularly important as we expand beyond our core markets of airports, refuse, and municipal transportation to include high volume regional trucking fleets, which represent a large part of our nation’s fuel consumption on an annual basis.

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