Clean Energy Fuels Corp. (Nasdaq: CLNE) in Newport Beach delivered 5% more fuel in the final three months of 2019 compared with the same period in the previous year and revenue, including a tax credit, beat some estimates.
The company provides natural gas to fleets. It delivered 103.3 million gallons in the fourth quarter; deliveries topped 100 million gallons the prior quarter as well.
Adjusted revenue was $119.6 million in the quarter, up from $96.2 million, year-over-year. It beat an average of three estimates but lagged a Zack’s projection.
“Our financial position dramatically improved in the quarter, lifted nicely by $47.1 million in Alternative Fuels Tax Credit revenue, positioning us well going into 2020,” Chief Executive Andrew Littlefair said in a statement.
Shares fell as much as 11% to $1.80 a share after hours but had recovered about half that loss more recently, trading at $1.90 and a $400 million market cap.
