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Clean Energy Fuels Reports Wider Loss - Update

Clean Energy Fuels Corp. (CLNE) Monday reported a bigger-than-expected loss for the fourth quarter due mainly to lower margins and higher costs. The largest natural gas transport-fuel provider in North America said its quarterly results were impacted by a rise in product cost of sales, selling and interest expenses.

Revenue, meanwhile, increased from the prior year and also topped estimates. Nevertheless, revenue attributable to the volumetric excise tax credit decreased by $11.5 million, compared to last year.

During the quarter, the company delivered 40 million gallons, compared to 31.7 million gallons in the prior year.

Clean Energy's total operating expenses jumped to $101.9 million from $71.6 in the similar quarter last year.

CEO Andrew Littlefair said that during the year, the company grew core markets, expanded staff strength, and embarked on construction of America's Natural Gas Highway.

Net loss for the quarter was $20.9 million or $0.29 per share, compared to net income of $13.8 million or $0.18 per share last year.

Excluding items, adjusted loss was $14.8 million or $0.21 per share, compared to income of $12.7 million or $0.17 per share last year.

On average, 8 analysts polled by Thomson Reuters expected a loss of $0.17 per share for the quarter. Analysts' estimates typically exclude special items.

California-based Clean Energy Fuels' revenue grew to $86 million from $83 million last year. Analysts expected revenue of $73.49 million.

Looking ahead, CEO Littlefair said, "We believe we are strongly positioned to grow well into the future as we can offer a compelling opportunity to shippers and fleet owners across the country to achieve cost savings while simultaneously reducing emissions and using a domestic fuel."

CLNE closed Monday on the Nasdaq at $20.55, down $0.22 or 1.06%, on a volume of 2.8 million shares. In after hours, the stock gained 2.19%.

by RTTNews Staff Writer

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