Here's Why Clean Energy Fuels Dropped as Much as 10.6% Today
Shares of natural gas transportation-fuels leader Clean Energy Fuels (NASDAQ: CLNE) fell nearly 11% today after the company reported second-quarter 2017 earnings. The good news is that the volume of fuel sold during the period increased from the year-ago quarter. The bad news is, well, just about everything else.
Revenue from renewable fuel sales, federal tax credits, station construction, and compression systems fell compared to the year-ago period. That led to a year-over-year drop in total revenue of 25%. Although total revenue for the first half of 2017 is still above that from the first half of 2016, investors are worried that the recent asset sale of Redeem production facilities to BP will result in this being more of the norm going forward.
As of 11:44 a.m. EDT, the stock had settled to an 8% loss.
Source: Fool.com
Clean Energy Fuels Corp. Aktie
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