Shares of Clean Energy Fuels Corp. surged in afterhours trading after the Newport Beach-based company reported sales and adjusted earnings in the fourth quarter that easily beat Wall Street expectations.
Investors seized on the report, sending shares up 10.8% in extended trading to a market value of about $351.6 million.
The builder and operator of natural gas stations posted revenue of $101.8 million in the fourth quarter, down 14.7% from a year ago but topping analyst forecasts of $96.4 million.
The company posted a loss of $17.9 million, or 2 cents per share, compared to an adjusted profit of $32.9 million a year earlier. Wall Street had expected a loss of 9 cents per share.
Clean Energy delivered 84.1 million gallons of liquefied and compressed natural gas in the fourth quarter, up from 78.3 million gallons.
The the company reported revenue of $402.7 million for the year, up 4.8% from 2015. Losses amounted to $85.3 million, compared to losses of $27.8 million in 2015.
It delivered 329 million gallons of liquefied and compressed natural gas, up from 308.5 million gallons in 2015.
Clean Energy last week announced that it would sell its renewable gas business for $155 million to BP Plc.
The sale includes Clean Energy’s biomethane production facilities in Canton, Mich., and North Shelby, Tenn., as well as its share of two facilities under construction in Oklahoma City and Atlanta, and existing third-party supply contracts for renewable natural gas.
Renewable natural gas fuel, or biomethane, is produced entirely from organic waste. The fuel targeted for natural gas vehicle fleets, including heavy-duty trucks, is estimated to produce 70% less greenhouse gas emissions than equivalent gasoline or diesel fueled vehicles.