Clean Energy Fuels, one of the largest providers of natural gas fuel for transportation in North America reported a slide in net profit for the first quarter of 2018.
The company reported a net income of $12.2 million for the quarter under review, dropping 80 percent compared to the $61 million reported in the corresponding quarter in 2017.
Revenue for the first quarter of 2018 was $102.4 million, a 14.4 percent increase from $89.5 million of revenue for the first quarter of 2017.
The company delivered 85.1 million gallons in the first quarter of 2018 and 2017. Growth in CNG volumes was offset principally by a reduction in LNG volumes due to the non-renewal of two contracts and RNG volumes for non-vehicle fuel that were included in contracts sold to BP.
Deliveries of liquefied natural gas dropped from 16 million gallons in the first quarter of 2017 to 14.3 million gallons in the quarter currently under review. Deliveries of the compressed natural gas (CNG) on the other hand rose from 68.5 million gallons to 70.8 million gallons.