Clean Energy Fuels (CLNE) Surprises With Another Profitable Quarter

Clean Energy Fuels (CLNE) is up about 3% in after hours trading after beating Wall St estimates by a wide margin on the EPS side.  The company reported an EPS of .02/share while Wall St expected a .04/share loss.  Revenues came in about 5% higher than expected at $42.2 million.  That’s a nearly 50% increase over the year ago quarter and the company has now strung together two straight profitable quarters for the first time in a long time.

CEO Andrew Littlefair commented on the quarter: “We are pleased with our improved financial results and our volume growth for the year, which was achieved through growth in each of our key markets of refuse, regional trucking, airports and transit. This is particularly noteworthy in light of the tough economic climate in 2009. The fact that we saw acceleration in station construction and deal flow at a time when all of our customers were focused on cutting their costs is really a testament to the elevated importance of cleaner fuels that we are seeing in this country. With $67.1 million in cash and cash equivalents on hand at year end, we believe we are well positioned to continue to grow our business in 2010.”

No word on guidance yet.  I’ll probably post that and any analyst rating changes tomorrow.

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