ClearSign Technologies Corporation CLIR provides updates on second-quarter 2024 operations prior to hosting its investors' call.
In the quarter ended on Jun 30, 2024, the company received two purchase orders to finish the entire engineering of burners for the conversion of two more process heaters at the California refinery, bringing the total to four burners. This initial engineering is expected to be followed by purchase orders for burner manufacturing and supply.
ClearSign Technologies also announced the successful start-up of a second multi-burner heater at Kern Energy's refinery site. The five-burner heater started up effectively, with independent source testing showing lower-than-expected emissions levels. In January, the company announced the successful installation and operation of the first eight-burner heater.
In the second quarter of 2024, the company closed the sale of its largest boiler burner to date, which was nearly twice the size of the previous largest single burner sold. CLIR plans to deliver the burner in the third quarter of 2024. Devco Process Heaters of Tulsa sold the burner, which will be installed in a new heater at a gas processing complex in central Texas.
ClearSign Technologies received the initial engineering order from Birwelco USA Inc. This order marks the first phase of a project to retrofit four process heaters. The heaters will be equipped with 26 ClearSign Core burners. The installation will take place at a Gulf Coast facility belonging to a Fortune 500 global chemical company. This project marks a key milestone in the company's attempts to modernize its facilities with advanced technology.
As of Jun 30, 2024, there were 50,205,657 shares of the company's common stock issued and outstanding. The company ended the second quarter of 2024 with cash and cash equivalents of $16 million.
ClearSign Technologies reported second-quarter revenues of $0.045 million, down 70% from the second quarter of 2023. The company reported an adjusted loss of 4 cents in the quarter, in line with the Zacks Consensus Estimate. Its adjusted loss was unchanged from that recorded in the year-ago quarter.
ClearSign Technologies’ Price Performance
CLIR shares have lost 24.1% in the past year compared with the industry’s growth of 0.4%.
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Zacks Rank & Stocks to Consider
ClearSign Technologies currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Industrial Products sector are Crane Company CR, Flowserve Corporation FLS and Cintas Corporation CTAS. These three stocks currently have a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Crane’s 2024 earnings is pegged at $5.07 per share. The consensus estimate for 2024 earnings has moved north by 6% in the past 60 days. The company has a trailing four-quarter average earnings surprise of 11.2%. CR shares have gained 75.2% in a year.
Flowserve has an average trailing four-quarter earnings surprise of 18.2%. The Zacks Consensus Estimate for FLS’s 2024 earnings is pinned at $2.76 per share, which indicates year-over-year growth of 31.6%. The consensus estimate for 2024 earnings has moved north by 4% in the past 60 days. The company’s shares have gained 27.5% in a year.
The Zacks Consensus Estimate for Cintas’s 2024 earnings is pegged at $16.64 per share. The consensus estimate for 2024 earnings has moved north by 1% in the past 60 days. The company has a trailing four-quarter average earnings surprise of 4%. CTAS shares have gained 60.4% in a year.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>Flowserve Corporation (FLS) : Free Stock Analysis Report
Cintas Corporation (CTAS) : Free Stock Analysis Report
Crane Company (CR) : Free Stock Analysis Report
ClearSign Technologies Corporation (CLIR) : Free Stock Analysis Report
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