Shares of Clean Energy Fuels Corp. continued to climb Tuesday, a day after the Seal Beach-based company reported third quarter revenue that beat Wall Street expectations amid greater adoption of commercial truck fleets using natural gas.
Shares were up 7.5% to a market value of $1.07 billion.
The company posted a loss of $16.3 million for the quarter, in line with Wall Street estimates. That compared to a loss of $11.3 million a year earlier.
Sales were $91.5 million, up nearly 27% from a year earlier.
Analysts on average had forecast sales of $81.5 million.
Clean Energy delivered 50.9 million gallons of natural gas in the September quarter, up 24% from a year ago.
The company is currently expanding what it calls America’s Natural Gas Highway, with major transportation arteries in California, Texas and the Midwest pegged for natural gas stations spread out every 250 miles or so when the multiyear project concludes.
That plan targets the largest segment of the market: heavy-duty haulers that consume some $30 billion of fuel annually.
Clean Energy will build 125 stations this year, up from 60 in 2011, Chief Executive Andrew Littlefair told the Business Journal last week. About half of this year’s additions throughout the Midwest, Southeast and Northeast are part of the natural gas highway.
Clean Energy has yet to reach profitability despite the strong revenue gains, as it continues to put large sums into its infrastructure projects.
Analysts on average forecast a loss of about $16.3 million in the current quarter on sales of $87.1 million.
Oilman and corporate investor T. Boone Pickens started Clean Energy as a tiny part of his Dallas-based Mesa Petroleum in the late 1980s. He split it off in the late 1990s.