Clean Energy Fuels (CLNE) Reports Wider Loss

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09:36:46 pm on March 5, 2009

Clean Energy Fuels (CLNE) reported sub par results after the bell today, reporting a non GAAP EPS loss of .09/share which is considerably wider than the .02/share loss in the year ago quarter.  Revenues were flat over the year ago quarter at $29.6 million and about 10% less than what analysts had expected. 

For the year in 08 total CNG and LNG delivered came in a bit less than the previous year, so clearly this is a company stuck in neutral looking for direction.  The CEO highlighted the bright spots:

– completed construction of LNG plant in Boron, CA
– opened LNG station to service ports of LA and Long Beach
– acquisition of a 70% stake in the McCommas Bluff landfill gas project

“As we look at today’s growth opportunities, there has never been greater interest in reducing greenhouse gasses, instituting low carbon and green legislation or in decreasing our dependence on foreign oil. I am pleased to say that even under current economic circumstances, we see demand increasing for natural gas as a vehicle fuel because it affords a solution for all of these critical issues. With 2010 diesel emission standards only nine months away, and our customers’ expectation that diesel prices will increase in the future, we offer a compelling choice for cutting costs and complying with stricter emission standards for our customers today.”

CLNE is recovering a bit from today’s selling, up about 5% in after hours trading.

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