ThinkEquity’s Woodburn Weighs in on Fuel Systems (Nasdaq:FSYS) and Clean Energy (Nasdaq:CLNE)
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/pPsyhcXEZzk/Posted on Saturday, May 9th, 2009 | In Market Commentary, Small & Micro Cap
May 8, 2009 ndash; Analyst Comments ndash; ThinkEquityrsquo;s David Woodburn commented on Fuel Systems Solutions (Nasdaq:FSYS) and Clean Energy Fuels Corp (Nasdaq:CLNE), rating the stocks at ACCUMULATE and BUY, respectively.
Fuel Systems Solutions
Revenue for Q1 was $80.1 million, compared with $94.6 million for the same period last year, with gross margins at 30.4%, up on a Y/Y basis from 29.1% and net income of $7.1 million, or $0.44 per share, compared with $6.2 million last year. Management said it expects 2009 revenue to be between $330 and $360 million, targeting GMs between 25% and 27%.
Woodburnrsquo;s Take
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Revenues were basically in-line with expectations but EPS of $0.44 doubled estimates
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Waiting to update financial model until after management conference call
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Rates ACCUMULATE with $18 price target
Clean Energy Fuels
Revenue for Q1 was $30.2 million, compared with $29.9 million for the same period last year, with gross margins of $28% and a net loss of $6.5 million, or $0.13 per share, compared with a net loss of $5.4 million, or $0.12 per share for the same period last year.
Woodburnrsquo;s Take
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cleaner emissions, lower fuel cost than diesel and government incentives should drive growth for Clean Energy
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expects company to raise capital to fund growth in 2010
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q1 results missed EPS estimates by $0.04, while revenue also missed
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Reducing 2009 EPS estimate to ($0.25) from ($0.21)
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Rates BUY with $11 price target
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