CLNE - Why Shares of Clean Energy Fuels Jumped 17.2% on Wednesday
Shares of natural gas fuel company Clean Energy Fuels (NASDAQ: CLNE) jumped as much as 17.2% in trading on Wednesday after reporting fourth-quarter 2020 financial results. Shares closed the day 15.2% higher.
Revenue actually fell 37.3% to $75.0 million as revenue from tax credits for alternative fuel credits dropped. A better indicator of the business's momentum is the 7% decrease in gallons delivered to 96.0 million, which points to the continuing impact of COVID-19. Net loss for the quarter was $2.6 million, or $0.01 per share.
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Why Shares of Clean Energy Fuels Jumped 17.2% on Wednesday