Why Clean Energy Stock Exploded Higher Today
Shares of natural gas-as-vehicle-fuel provider Clean Energy Fuels (NASDAQ: CLNE) soared 17% through 9:50 a.m. ET this morning after beating on both the top and bottom lines last night.
Heading into the first-quarter 2024 report, analysts forecast Clean Energy would lose $0.04 per share (adjusted for one-time items) on sales of $99.6 million. In fact, Clean Energy's adjusted loss was only $0.01 per share, and sales exceeded expectations at $103.7 million.
Still, not all the news was good. While Clean Energy exceeded sales expectations handily, its sales nonetheless declined year over year -- down 22%. And while the $0.01 per share adjusted loss was less than expected, when calculated according to generally accepted accounting principles (GAAP), this alternative energy stock actually lost $0.08 per share.
Source Fool.com
