Clean Energy Fuels (CLNE) Stock Is Down 15%: So What's Up?

Clean Energy Fuels Corp CLNE shares are trading lower by 15.4% to $4.74 Wednesday afternoon after the company reported worse-than-expected fourth-quarter sales results.

What Happened?

Clean Energy Fuels reported quarterly earnings of 1 cent per share which met the analyst consensus estimate.

The company also reported quarterly sales of $113.76 million which missed the analyst consensus estimate of $123.41 million by 7.8%. This is a 23.7% increase over sales of $91.93 million in the same period last year.

Clean Energy Fuels sees FY23 adjusted EBITDA as low as $50 million or as high as $60 million.

The company's revenue for the year ended December 31, 2022 was $420.2 million, a marked increase of $164.6 million compared to $255.6 million in the year ended December 31, 2021.

What Else?

In a statement Andrew J. Littlefair, Clean Energy's President and CEO, stated: "We finished the year with another strong quarter of RNG deliveries with a 21% increase from the fourth quarter of 2021. We continue to execute on our growth plans around RNG supply and the build out of new stations to accommodate Amazon and other fleets."

According to data from Benzinga Pro, CLNE has a 52-week high of $8.65 and a 52-week low of $4.02.