Clean Energy Fuels Corp. is a Seal Beach-based company that operates natural gas fueling stations for filling up fleets of taxis, buses and similar other vehicles. The company has reported its third quarter reports that were low beyond expectations of analysts on the Wall Street. It happened as a result of the reduction in natural gas prices.

The corporation reported a loss of $18.5 million that is high above the previous year’s loss of $12 million, that comprised of a charge of accounting for debt of $15.5 million and other losses T $3 million. The analysts were hoping for losses of $2.4 million. The sales were low by 8% to $31.2 million, whereas the analysts were expecting for $35 million of sales.

The revenue was also seen at a reduction spree. The reason for lower revenue can be attributed to the reduction in prices of natural gas. Though this has boosted the gross profit of the company from the second quarter by $700,000. The sales of natural gas also increased by 58% or 29.5 million gasoline gallon from the last year.

The investors aren’t too happy with the mixed outcome of the quarterly reports. The share prices of the company fell by almost 5% to $765 million in after-hours trading. On Monday, the shares closed at a 3% high on the Wall Street. Several companies are hoping that Clean Energy will definitely make it big this year.

This entry was posted on Tuesday, November 10th, 2009 at 1:26 pm and is filed under Venture Capital News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.