Clean Energy Fuels extends gains after Q1 earnings beat

|About: Clean Energy Fuels Corp. (CLNE)|By:, SA News Editor

Clean Energy Fuels (NASDAQ:CLNE) +1.8% after-hours, extending its 12.5% surge during regular trading, after reporting better than expected Q1 earnings and revenues.

Q1 revenues rose 14% Y/Y to $102.4M, primarily due to $25.5M in revenue from the U.S. federal excise tax credits for alternative fuels.

CLNE says it delivered 85.1M gallons during Q1, even with the year-ago quarter, as growth in compressed natural gas volumes was offset by a reduction in liquefied natural gas volumes due to the non-renewal of two contracts and the sale of certain upstream production assets from its renewable natural gas business to BP.

Shares surged during today's trade after Total agreed to buy a 25% stake in CLNE, becoming its top shareholder.

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