The company’s revenue for the final three months of 2020 was $75 million, a decrease of 37.3% compared to $119.6 million for the fourth quarter of 2019, primarily due to a shift in federal tax credits for alternative fuels.
“GAAP net income (loss) for 2021 is expected to be approximately break-even, assuming no unrealized gains or losses on commodity swap and customer contracts and contemplates a prolonged effect and more flattened recovery curve from the COVID-19 pandemic through the middle of 2021,” Clean Energy Fuels (Nasdaq: CLNE) said today.
The company gained 10.2% to $11.80 per share for a market cap of $2.3 billion at the close, but slipped 2.1% in after-hours trading following the earnings statement.
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Clean Energy Fuels Deliveries Down on COVID-19
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