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On Thursday, Clean Energy Fuels (TSX:EFR) Corp. (NASDAQ:CLNE) held its annual meeting, where shareholders cast their votes on several critical proposals, including the election of board directors and the approval of the company’s executive compensation plan. The meeting comes at a challenging time for the company, with InvestingPro data showing the stock has declined nearly 8% in the past week and 33% over the last six months.
In the election for the board of directors, all seven nominees were elected to serve one-year terms. The votes for each director ranged from approximately 123 million to 136 million, with withheld votes between 4 million and 17 million. There were around 40 million broker non-votes for each nominee.
Shareholders also ratified the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025. The decision was supported by a substantial majority, with over 170 million votes for and around 9.9 million against.
The advisory vote on executive compensation passed with 122.8 million votes for and 17 million against, reflecting shareholder support for the company’s executive pay practices.
Additionally, the adoption of the Amended and Restated 2024 Performance Incentive Plan was approved, with approximately 124 million votes in favor and nearly 16 million opposed.
Clean Energy Fuels Corp. specializes in providing natural gas as an alternative fuel for vehicle fleets and is incorporated in Delaware. The company’s principal executive offices are located in Newport Beach, California. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 2.82, though it currently operates at a loss with negative earnings per share of $0.89. The stock appears undervalued based on InvestingPro’s Fair Value analysis.
The results of the meeting, based on the SEC filing, indicate shareholder confidence in the company’s leadership and strategic direction. The details of the voting outcomes demonstrate the shareholders’ active involvement in the governance of the company. For deeper insights into CLNE’s financial health, valuation metrics, and exclusive analysis, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
In other recent news, Clean Energy Fuels Corp reported its first-quarter 2025 financial results, revealing mixed outcomes for investors. The company posted an earnings per share (EPS) of -$0.60, significantly missing the forecasted -$0.15. However, Clean Energy Fuels exceeded revenue expectations by achieving $103.8 million, compared to the anticipated $99.13 million. Despite the earnings miss, the company showed operational improvements, with adjusted EBITDA increasing to $17.1 million from $12.8 million in the same quarter of the previous year.
The company maintains a strong cash position, with $227 million in cash and investments, marking a $9 million increase since the beginning of the year. Clean Energy Fuels is also optimistic about its full-year financial outlook, aiming for $246 million, and sees potential upside from the finalization of the 45Z tax credit and the RNG Incentive Act. The company has approved a $26 million stock buyback program, reflecting confidence in its valuation.
Additionally, Clean Energy Fuels faced challenges with RNG sales volumes due to supply constraints, which were impacted by weather and operational events affecting third-party RNG producers. The company continues to focus on expanding its relationships and projects, with ongoing partnerships with major firms like BP (NYSE:BP) and Chevron (NYSE:CVX). These developments are part of Clean Energy Fuels’ strategy to strengthen its position in the RNG market and navigate the evolving policy landscape.
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