Clean Energy Fuels (NASDAQ:CLNE) continues to show signs that a long-term bottom is in place and will get another surge at the open this morning after the company beat analysts estimates on both the top and bottom line. The company posted a non-GAAP EPS of $0.17/share on revenues of $83 million which was better than the analyst estimates for $0.16/share in EPS on revenues of $70 million. It’s the first quarter of profitability for the company since the year-ago quarter and represents a huge increase over the year ago quarter of 850% (NYSEARCA:EPS) and 97% (revenue).
CEO Andrew Littlefair commented:
Reflecting back on 2010, not only do we see positive momentum in our fuel sales trends, but I am extremely pleased with the build out of our operations, which now includes Northstar’s liquefied-natural gas fueling system capabilities, IMW’s global compressor operations, as well as BAF’s enhanced vehicle conversion business. With this comprehensive service offering, and a commitment to upholding the highest standards in quality and service, our opportunities to meet the varying needs of our customers and potential customers is greatly expanded. We expect to see improvements across all aspects of our operations in 2011.
In my opinion, the bottom of this basing period for CLNE is complete. When you combine the high volume surge at the end of February with this bullish earnings report, the pieces are in place. The company is expected to see significant growth in earnings both this year and next. I’ll be looking for an entry point in the coming days.