Clean Energy Posts 1Q Loss But Reports Higher Natural-Gas Sales
Natural-gas fueling provider Clean Energy Fuels Corp. reported a wider first-quarter net loss than a year ago but said it delivered 27% more fuel.
The company’s net loss was $31.1 million, or 34 cents per share, compared with a loss of $28.6 million, or 30 cents, in the same period last year.
Revenue for the first quarter declined 10% to $85.8 million, the company said.
Clean Energy said it delivered 75.2 million gallons of natural gas during the quarter compared with 59.3 million gallons a year earlier. The company said it delivered 52.4 million gallons of compressed natural gas, 18.3 million gallons of liquefied natural gas and 4.5 million gallons of renewable natural gas during the most recent quarter.
“While gasoline and diesel prices declined, so did our commodity cost, and our margins increased despite the depressed oil market,” CEO Andrew Littlefair said in the company’s report. “We continue to open new stations in our national network and sign up fleet customers across the country that will enjoy the environmental and economic benefits associated with natural-gas vehicle fuel.”
