Clean Energy Fuels (NASDAQ:CLNE) reported earnings results after the bell Tuesday evening, posting results above the analyst estimates, but the company remains firmly in the red. The EPS came in on a non GAAP basis at .11/share which was better than the .13/share loss analysts had expected. Revenues were a bit better than analyst expectations as well at $72 million vs the estimate for $70 million.
While the red ink continues to flow, the company keeps building out its infrastructure for the future.
Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, "As of today, we have more station and vehicle projects underway than ever in the Company’s history. We are on track to set a record for station completions this year, with growth across each of our markets, which encompass refuse, airport, transit and regional and national trucking. We are also embarking on building the backbone of America’s Natural Gas Highway. With this year’s expansion efforts, both internally with new subsidiary capabilities, as well as with key partnerships in engineering and construction, we believe we are in a strong position to make substantial strides in our business plan in the next 18 months."
Technically, shares of CLNE remain quite weak and I don’t expect a big move up until there is more visibility into when this company can turn a profit on a yearly basis. The stock is in a large basing pattern that spans more than a year and a firm downtrend of a few months. In a nutshell, while it’s a stock that was showing some promise earlier in the year, it’s a stock I don’t care for right now. That probably won’t change for another year or so.