Clean Energy Beats Expectations for Q2Thursday, August 8, 2013
Newport Beach-based Clean Energy Fuels Corp. on Wednesday reported second-quarter results that beat Wall Street expectations.
The company, which recently moved headquarters from Seal Beach, recorded revenue of $88.1 million, up 26.1% from a year earlier.
Analysts on average had forecast sales of about $87.2 million.
It posted an adjusted loss of $6.2 million, compared to adjusted loss of $13.9 million a year ago.
Wall Street was expecting a loss of more than $15 million.
Investors seized upon the improving results, pushing shares up 2.5% in afterhours trading to a market value of about $1.13 billion.
Clean Energy is the country’s largest developer and operator of natural-gas stations. They are typically located near airports, utility companies, colleges and universities, city yards and other places they’re likely to see a lot of use.
The company has struggled for years to become profitable due to a minimal number of stations offering natural gas, slow commercial adoption and cheaper fuel alternatives.
It hopes to change that by building what it dubs “America’s Natural Gas Highway,” which calls for the construction of some 150 liquid natural-gas fueling stations across the U.S.
It recently announced that it has built about half those stations in a bid to meet growing demand from heavy-duty haulers and commercial fleets increasingly turning to the cheaper fuel source.
It delivered 52.6 million gallons of compressed, liquefied and renewable natural gas in the recently ended quarter, up 8% from a year ago.
Legendary oilman and corporate raider T. Boone Pickens cofounded Clean Energy as a tiny part of his Dallas-based Mesa Petroleum about 25 years ago.
He split it off in the late 1990s.