CLNE - Why Clean Energy Stock Just Dropped 22%
Energy markets are looking more than turbulent this week as investors attempt to gauge the damage that a running feud between OPEC and Russia could do to energy stocks. And into the midst of this conflict stepped Clean Energy Fuels (NASDAQ: CLNE) last night, to report its fourth-quarter earnings.
How did it do?
Expected to report about $0.16 per share in non-GAAP (adjusted) profits for its fiscal Q4 last night, Clean Energy reported $0.21 instead, and $0.20 per share under generally accepted accounting principles -- a beat on earnings. Sales for the quarter -- $119.6 million -- likewise exceeded expectations for $108.6 million (although sales for the year were down a fraction of a percent at $344.1 million).