Stock Pick of the Day: Clean Energy Revenue up 57%

Posted by on Aug 10, 2010 | 1 comment

Clean Energy Fuels Corp. (NASDAQ: CLNE) earlier this week reported its second-quarter financial results, reporting second-quarter revenue of $44 million, compared with $27.9 million reported for the same period last year. For the six months ended June 30, 2010, the company reported revenue of $83 million, compared with $58.1 million reported for the same period last year.

For the second quarter of 2010, the company delivered 31.1 million gallons of gasoline, up 31% from the second quarter of 2009. For the six months ended June 30, 2010, the company reported 42% year-over-year increase in gallons delivered.

The company’s adjusted EBITDA, for the second quarter of 2010, stood at $1.4 million, down from $3.6 million reported for the second quarter of 2009. For the first six months of 2010, the company’s adjusted EBITDA stood at $2.3 million, down from $4.5 million reported for the same period last year.

The company reported non-GAAP loss per share of $0.06, for the second quarter of 2010, compared with non-GAAP loss per share of $0.01 per share. The non-GAAP loss per share, for the six months ended June 30, 2010, came in at $0.13, compared with non-GAAP loss per share of $0.07 reported for the same period last year.

Andrew J. Littlefair, president and CEO of Clean Energy Fuels, said that the company made some significant progress in the second quarter and subsequent weeks, which includes the acquisition of IMW Industries Ltd. Littlefair said that the company believes that the acquisition will make it even more competitive by allowing it to participate in the worldwide expansion of NGV.

At the end of the second quarter of 2010, the company had cash and cash equivalents of $55 million, which indicates strength. Also, the company has only $9.5 million in long-term debt on its balance sheet.

The Clean Energy Fuels stock has a 52-week range of $8.35-$23.70.  The stock is currently trading below its 10-day and 20-day moving averages and above its 50-day moving average. Year-to-date, the stock gained 5.39%, which is a reasonable performance compared with the broader market. The stock has a support level at $16.75 and a resistance level at $17.53.

Analysts, currently, have a consensus recommendation of Outperform on Clean Energy Fuels Corp. The stock has 3 Buy, 1 Outperform, 3 Hold and 1 Underperform ratings, at the moment.

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