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Clean Energy reports 84.5 million gal. delivered

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Hydrocarbon Engineering,


Clean Energy Fuels Corp. (Clean Energy or the company) has announced its operating results for the third quarter ended 30 September 2016 (3Q16). The company delivered 84.5 million gallons in the 3Q16, a 5% increase from 80.6 million gallons delivered in the 3Q15.

Revenue for the 3Q16 was US$97 million, a 5% increase from US$92.3 million for the 3Q15. The company’s deliveries of vehicle fuel, renewable natural gas, customer station construction activity and excise tax credits for alternative fuels (VETC) increased revenue in the 3Q16.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “I'm pleased with our third quarter financial results together with our growth in volumes and improved capital structure, particularly the dramatic reduction in our current debt balance. And we continue to see positive momentum in the use of natural gas and renewable natural gas as a vehicle fuel as demonstrated by multiple customer gains and expansions.”

On a GAAP basis, net loss for the 3Q16 was US$12.6 million, or US$0.10 per share, compared to a net loss of US$23.1 million, or US$0.25 per share, for the 3Q15. The 3Q16 included VETC revenue of US$6.7 million and a net non-cash loss of US$0.7 million from the settlement of a portion of the company's debt (the debt reductions). For the nine months ended 30 September 2016, net loss was US$8.3 million, or US$0.07 per share, compared to a net loss of US$84.2 million, or US$0.92 per share, for the same period in 2015. The nine months ended 30 September 2016 included a net non-cash gain of US$25.4 million from the debt reductions and VETC revenue of US$19.6 million. The three and nine months ended 30 September 2015 did not include any VETC revenue but included other income of US$2.3 million from a litigation settlement and earn-out relating to our former Dallas bio methane plant (other gains).

Non-GAAP loss per share for the 3Q16 was US$0.08, compared to non-GAAP loss per share of US$0.23 for the 3Q15. The 3Q16 included VETC revenue and the net non-cash loss from the debt reductions. For the nine months ended 30 September 2016, non-GAAP loss per share was US$0.02, compared to non-GAAP loss per share of US$0.84 for the same period in 2015. The nine months ended 30 September 2016 included VETC revenue and the net non-cash gain from the debt reductions. The three and nine months ended 30 September 2015 included other gains of US$2.3 million. Non-GAAP loss per share is described below and reconciled to GAAP net loss and loss per share attributable to Clean Energy Fuels Corp.

Adjusted EBITDA for the 3Q16 was US$10.9 million compared to Adjusted EBITDA of US$3.1 million for the 3Q15. The 3Q16 included VETC revenue and the net non-cash loss from the debt reductions. For the nine months ended 30 September 2016, Adjusted EBITDA was US$67.4 million compared to Adjusted EBITDA of US$(5.1) million for the same period in 2015. The nine months ended 30 September 2016 included VETC revenue and the net non-cash gain from the debt reductions. The three and nine months ended 30 September 2015 included other gains of US$2.3 million. Adjusted EBITDA is described below and reconciled to GAAP net loss attributable to Clean Energy Fuels Corp.

Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/04112016/clean-energy-reports-845-million-gal-delivered/


 

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