Yahoo Finance ClearSign Technologies (CLIR) Declares Its Largest Burner Sale
ClearSign Technologies Corporation CLIR announced a burner sale from its horizontally fired process burner product range. This is the company's largest boiler burner sale to date.
The burner was sold for about 90 million BTU/hr , almost twice the size of its previous greatest single burner. This sale allows the company to demonstrate items built for the small, medium and big size ranges in the field. The company plans to deliver the burner in the third quarter of 2024.
In partnership with another heater producer, Devco Process Heaters (“DPH”), the burner was sold into the midstream market. DPH is a 25-year-old Tulsa-based company that has developed heaters all around the world. It recently expanded its skills to include piping and skid design, small storage vessels, local commissioning and startup, and a variety of other services.
The collaboration with DPH will offer ClearSign Technologies' products to new customers and broaden its sales channels.
In the quarter ended Mar 31, 2024, the company received two further 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 of a second multi-burner heater at Kern Energy's refinery site. In January, the company announced the installation and operation of the first eight-burner heater.
CLIR reported first-quarter revenues of $1.1 million, flat with the first quarter of 2023. Revenues were in line with the Zacks Consensus Estimate. The company reported an adjusted loss of 3 cents in the quarter, in line with the Zacks Consensus Estimate. Notably, it posted an adjusted loss of 4 cents in the year-ago quarter.
Price Performance
CLIR shares have lost 36.4% in the past year compared with industry’s decline of 9.9%.
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Zacks Rank & Stocks to Consider
ClearSign Technologies currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the Industrial Products sector are Intellicheck, Inc. IDN, Applied Industrial Technologies AIT and Cintas Corporation CTAS. IDN currently sports a Zacks Rank #1 (Strong Buy), and AIT and CTAS carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Intellicheck’s 2024 earnings is pegged at 2 cents per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 28.9%. IDN shares have gained 84.2% in a year.
Applied Industrial has an average trailing four-quarter earnings surprise of 8.2%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.62 per share, which indicates year-over-year growth of 9.9%. Estimates have moved north by 2% in the past 60 days. The company’s shares have gained 8.8% in a year.
The Zacks Consensus Estimate for Cintas’ 2024 earnings is pegged at $14.95 per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 4.3%. CTAS shares have gained 13.7% in a year.
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