Clean Energy’s 3Q Revenue Rises
Clean Energy Fuels Corp. Tuesday reported a third-quarter loss but said its revenue rose on higher gallons of natural gas delivered.
Its net loss was $16.3 million, or 19 cents per share, compared with a loss of $11.4 million, or 16 cents, a year ago. Revenue rose to $91.5 million, from $72.1 million.
Gallons delivered jumped 24% to 50.9 million from the same period a year ago, while year-to-date gallons delivered rose to 143.2 million from 115.6 million in the same period last year.
Gallons delivered includes compressed natural gas, liquefied natural gas, renewable natural gas and gallons associated with providing operations and maintenance services.
Clean Energy received a $150 million cash infusion last year to help it build a nationwide network of natural-gas truck-fueling stations.
CEO Andrew Littlefair said Clean Energy was “able to deliver a record level of gallons this quarter” and that it has “made significant progress with the construction of America’s Natural Gas Highway and we feel we will have the necessary infrastructure in place to support the transition of the heavy-duty trucking market when the desired engine technology becomes commercially available in the first half of next year.”
