Justice Sirikah

Clean Energy Fuels Corp. (NASDAQ: CLNE) Q2 Loss Twice as Great as Last Year’s

by Justice Sirikah August 11, 2009
clne_logo.pngThe share price of Clean Energy Fuels Corp. (NASDAQ: CLNE) retreated 5.01 percent in Monday’s after hours’ trading, upsetting a fair gain of 0.89 percent in the regular session as the provider of clean transportation energy turned in a two-fold second quarter loss, thanks to non-cash charges linked up to valuing its Series 1 warrants over the period.

  Analysts’ second quarter loss forecast of 7 cents per share was left trailing the actual net loss for the period ended June 30 which was reported at $6.4 million ($0.13 per share), wide off the mark of $3.2 million ($0.07 per share) posted in the same quarter of the preceding year. The recent quarterly loss was compounded by a sum of $2.2 million in charges, which in turn translates to $0.04 per share of the firm’s overall loss. Without the charges, the corporation would have lost $0.09 per share.

  Constricted by a reduction in the prices of natural gas, the company’s quarterly total revenues tumbled by 18 percent to $27.9 million, down from $33.8 million posted in the tallying period of 2008. Analysts polled by Thompson Reuters were looking at higher revenues of $31.5 million. On the other hand, the fallen commodity prices triggered a decrease of the firm’s cost of sales, thus taking its gross margin up to $11.7 million during the April – June period, from $8.6 million in the previous three-month period.

  “We are very encouraged by the solid growth of our business in the second quarter, as we improved both our volumes and margins on a sequential and year-over-year basis”, commented Andrew J. Littlefair, the firm’s president and chief executive officer. “The acquisition of four transit property operations and the commencement of our new sales agreement for our renewable landfill gas drove these results”, he added.

  At the time of writing, Clean Energy Fuels’ stock had lost 7.08 of its gains in the regular trading session, selling at $9.44 from $10.17. On the same date of 2008, the stock traded at above $14.00.
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  Reference:
http://www.cleanenergyfuels.com/

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