4.4 C
London
Sunday, December 4, 2022

Clean Energy Q2 Earnings, Revenues Top Estimates

Must read

Clean Energy Fuels Corp. (CLNE) has reported better-than-expected Q2 results on the back of resumption of operations at airports and public transit customer markets. The company provides renewable natural gas (RNG) to the transportation industry, enabling thousands of vehicles to reduce their greenhouse gas emissions.

Adjusted earnings for the quarter stood at $0.01 per share. It compares favorably with a loss of $0.02 per share reported in the same quarter last year.

Revenues (on an adjusted basis) jumped 28.9% year-over-year to $79 million, beating the Street’s estimate of $75 million. The increase in sales reflected higher effective fuel prices resulting from higher natural gas prices, a favorable fuel price mix and a rise in gallons delivered. (See Clean Energy stock charts on TipRanks)

Clean Energy delivered 101.4 million gallons of CNG and LNG in the second quarter of 2021, up 13% from 89.5 million in the second quarter of 2020. Delivery of RNG increased 19% from the year-ago period.

The President and CEO of Clean Energy, Andrew J. Littlefair, said, “We’re also executing on our plans to develop low CI renewable natural gas and to provide renewable natural gas from additional sources to our nationwide fueling network.”

Due to an increase in the Amazon warrant charges as a result of the issuance of additional common shares under Clean Energy’s at-the-market offering programs during Q2, the company has raised expectations of GAAP net loss for 2021 from $76 million to about $86 million.

Last month, Evercore ISI analyst Todd Firestone initiated coverage on the stock with a Sell rating and a price target of $9 (27.3% upside potential).

Based on 1 Buy and 2 Sells, the stock has a Moderate Sell consensus on TipRanks. The average Clean Energy price target of $10.50 implies 48.5% upside potential.

According to the TipRanks’ Smart Score rating system, Clean Energy scores a 5 out of 10, which indicates that the stock is likely to perform in line with market averages.

Related News:
Amarin Q2 Earnings, Revenues Surpass Estimates
Ping Identity Stock Jumps 15% on Solid Q2 Results
MetLife Posts Strong Q2 Results; Approves $3B Share Buyback Plan

The post Clean Energy Q2 Earnings, Revenues Top Estimates appeared first on TipRanks Financial Blog.

Source link

More articles

Latest article