Why Clean Energy Fuels Stock Raced Nearly 13% Higher Today

Key Points

• The energy company delivered better-than-expected numbers in its latest earnings release.

• It beat on both the top and bottom lines with second-quarter results.

• 10 stocks we like better than Clean Energy Fuels ›

Clean Energy Fuels (NASDAQ: CLNE), a company that sells renewable natural gas (RNG) as a fuel for automobiles, scored a clean win on the stock exchange Friday. Its shares zoomed almost 13% higher after it unveiled its latest set of quarterly results, which, among other things, featured a double beat on analyst estimates. With that performance, it crushed the 0.8% increase of the S&P 500 index.

Confidence renewed after results published

Clean Energy Fuels' second quarter saw the company post revenue of $102.6 million, which was nearly 5% higher on a year-over-year basis. Non-GAAP (adjusted) net income fell to $337,000, shaking out to less than $0.01 per share.

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Despite the bottom-line decline, analysts were expecting notably worse results. On average, they were modeling slightly over $94 million for revenue and a net loss of $0.06 per share. In its earnings release, Clean Energy Fuels CEO Andrew Littlefair said, "RNG remains the most immediate and cost-effective clean transportation fuel, as we see continued strong demand reflected in our solid second quarter results."

Littlefair also pointed out that the government's recently passed "big, beautiful bill" supports the RNG market. Its extension of the clean fuel production tax credit should be a boon for RNG producers and suppliers.

Powering big fleets

Clean Energy Fuels is doing quite well in its rather limited niche, and during the quarter, it executed new supply arrangements with a number of municipal transit fleets, including LA Metro in Los Angeles. Such customers tend to be long-term and reliable, so it'll be worthwhile for investors to keep an eye on how the segment continues to develop for the company.

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.