Energy clean (Nasdaq: clne)A company that sells renewable natural gas (RNG) as a fuel for cars, marked a proper victory on the stock market on Friday. Its actions zoomed almost 13% higher after having unveiled its latest set of quarterly results, which, among others, presented a double beat on the estimates of analysts. With these performances, he crushed the 0.8% increase in the S&P 500 hint.
The second quarter of Clean Energy Fuels saw the company after a turnover of $ 102.6 million, which was almost 5% of more than one year on the other. The non-gap net profit (adjusted) fell to $ 337,000, which is happening at less than $ 0.01 per share.
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Despite the drop in results, analysts expected particularly worse results. On average, they model just over $ 94 million for income and a net loss of $ 0.06 per share. In its profits press release, CEO of Clean Energy Fuels, Andrew Littlefair, said: “The RNG remains the most immediate and profitable clean transport fuel, because we see a strong continuous demand reflected in our solid results in the second quarter.”
Littlefair also stressed that the government recently adopted “Big and Beautiful Bill” supports the RNG market. Its extension of the tax on clean fuel production should be a boon for RNG producers and suppliers.
Clean Energy Fuels is doing fairly well in his rather limited niche, and during the quarter, he has executed new supply arrangements with a number of municipal public transport fleets, including the Metro in Los Angeles. These customers tend to be long -term and reliable, it will therefore be useful for investors to keep an eye on how the segment continues to develop for the company.
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