Clean Energy Fuels posts narrower quarterly loss
LOS ANGELES May 8 (Reuters) - Clean Energy Fuels Corp , which provides natural gas fuel for transportation, on Wednesday reported a narrower quarterly net loss as deliveries rose 14 percent.
The first-quarter net loss was $3.9 million, or 4 cents per share, compared with a loss of $31.9 million, or 37 cents per share, a year ago.
Excluding items, the company earned 3 cents a share. On that basis, Wall Street analysts, on average, had expected a loss of 7 cents a share, according to Thomson Reuters I/B/E/S.
Revenue rose 26 percent to $93 million, helped by recognition of revenue from the volumetric excise tax credit, which was reinstated retroactive to 2012 in early January, for both the first quarters of 2012 and 2013.
Shares of Clean Energy Fuels, which is backed by Texas oil billionaire T. Boone Pickens, closed at $13.76 on the Nasdaq.
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