Clean Energy Fuels cruising after beating analysts' expectations

Clean Energy Fuels Corp (NASDAQ:CLNE) rallied after reporting quarterly results that beat the forecast of analysts.

The natural gas supplier to corporate fleets posted fourth-quarter revenue of $96.2 million, the company announced late Tuesday, beating the average expectation of $77.5 million and up from $89.3 million a year earlier.

Shares were up 11% after the bell to $2.51.

READ: Total SA to become Clean Energy Fuels’ biggest shareholder by acquiring a 25% stake

The Newport Beach, California-based company posted earning per share of $0.03, compared with a loss of $0.19 a year earlier. Analysts had expected a loss of $0.05 per share on average.

Clean Energy provides natural gas to North American vehicle fleets, delivering 98.7 million gallons during the fourth quarter. That’s up from 86.4 million gallons the previous year.

The company has partnered with Total SA (NYSE:TOT) to support its Zero Now truck program, which allows fleets to acquire natural gas trucks for the price of a diesel truck. It expanded its relationship with BP PLC (NYSE:BP) this quarter to increase the distribution of its Redeem renewable fuel. 

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Story by ProactiveInvestors