Shares of Seal Beach-based Clean Energy Fuels Corp., which runs natural gas fueling stations for fleets of taxis, buses and other vehicles, were down sharply Friday, a day after the company disappointed investors with quarterly results.
On Thursday, Clean Energy reported an adjusted first-quarter loss of $4.2 million, slightly larger than a year earlier but well beyond the $1.8 million loss expected on average by analysts.
Revenue came in at $39 million, up 30% from a year earlier but short of the $44 million analysts were looking for.
Shares of Clean Energy, backed by key owner T. Boone Pickens, were down 13% near the close of New York trading to a market value of $839 million.
The company didn’t give a second-quarter outlook in its earnings release or in a follow-up conference call with analysts.
Clean Energy’s stations serve government buses and trucks, airport vehicles, private taxi fleets and corporate vehicles.
Texas billionaire Pickens, who owns 40% of Clean Energy, 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.
