ClearSign Technologies FY04 Earnings Beat Estimates, Revenues Rise Y/Y

ClearSign Technologies Corporation CLIR reported a loss of 11 cents per share in 2024, beating the Zacks Consensus Estimate of a loss of 13 cents per share. It also marked an improvement from the loss of 13 cents per share reported in 2023. 

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ClearSign Technologies registered revenues of $3.6 million in 2024, a 49.6% jump from $2.4 million in 2023, driven by a higher number of process burners shipped during the year. The top line missed the Zacks Consensus Estimate of $4 million.

Through 2024, the company shipped 25 process burners to two separate California refineries operated by two different customers compared with eight process burners to a California refinery and three separate customer witness tests during 2023.

CLIR’s Gross Margin Contracts in 2024

The cost of sales amounted to $2.48 million in 2024 compared with $1.59 million in the prior year. The gross profit was $1.1 million, up 37% year over year due to higher revenues. 

The gross margin was 31.1% in 2024 compared with 34% in 2023. The margin was impacted by higher-than-expected start-up costs at the company’s 1,200 HP boiler burner project during the fourth quarter of 2024, which led to an overall loss on the project.

General and administrative expenses were $6.14 million in 2024, up 1.3% year over year. Total operating expenses increased 12% year over year to $7.6 million. The operating loss was $6.49 million in comparison with the prior-year’s operating loss of $5.98 million.

ClearSign Technologies’ Cash Position at 2024-End

The company reported cash and cash equivalents of $14 million as of Dec. 31, 2024, in comparison with $5.7 million as of Dec. 31, 2023. It used $4.4 million in operating activities in 2024 compared with $3.2 million in 2023.

ClearSign Technologies’ Price Performance

The company’s shares have lost 21.4% in the past year compared with the industry’s fall of 11.0%.

CLIR’s Zacks Rank

The company currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Performances of Industrial Services Stocks

Hudson Technologies’ HDSN earnings per share plunged 53% year over year to 52 cents in 2024, missing the Zacks Consensus Estimate of 55 cents. HDSN’s revenues for the year were down 18% year over year to $237 million due to lower selling prices for certain refrigerants, partially offset by increased sales volumes. The top line surpassed the consensus estimate of $241 million.

Global Industrial Company GIC earnings per share declined 14% year over year to $1.58 in 2024 and missed the Zacks Consensus Estimate of $1.59. Total revenues increased 3.3% year over year to a record $1.32 billion, in line with the consensus estimate. Excluding the contribution from Indoff, which was acquired on May 19, 2023, Global Industrial’s sales fell 0.6% year over year. Average daily sales were down 0.5%. The downside was due to the continued weakness in GIC’s core small and medium-sized business customer base.

W.W. Grainger Inc.’s GWW adjusted earnings per share rose 23.6% year over year to $38.96 in 2024, which beat the Zacks Consensus Estimate of $38.95.  Grainger’s sales improved 4.2% year over year to $17.17 billion and came in line with the consensus estimate. Sales rose 4.7% on a daily on a constant-currency basis.
 

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This article originally published on Zacks Investment Research (zacks.com).

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