Clean Energy Fuels Corp. (CLNE) Monday reported a wider loss for the first quarter, hurt mainly by one-time charges and other expenses. The largest natural gas transport-fuel provider in North America said its quarterly revenue improved from last year on strong volume growth.
Looking ahead, the company expects volume expansion in the year 2013 and beyond. Shares of Clean Energy are currently down by about 3.5 percent in after-hours trade on the Nasdaq.
California-based Clean Energy Fuels reported a first-quarter net loss of $31.9 million or $0.37 per share, compared to a net loss of $9.8 million or $0.14 per share last year.
Results for the quarter include mark-to market loss on Series I Warrants totaling $13 million. Excluding items, loss for the quarter was $14 million or $0.16 per share, compared to a loss of $3.4 million or $0.05 per share last year.
On average, 9 analysts polled by Thomson Reuters expected a loss of $0.17 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter was $73.6 million, compared to $65.3 million last year. Analysts expected revenue of $81.66 million for the quarter.
During the quarter, the company delivered 43.7 million gallons, up 23 percent from the prior year.
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 at $17.94, up $0.73 or 4.24%, on a volume of 1.4 million shares on the Nasdaq. In after hours, the stock dropped $0.61 or 3.40%.
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