Clean Energy posts $50 million quarterly loss
California-based Clean Energy Fuels on Thursday reported a fourth-quarter loss of $50 million, as compared to a net income of $1.3 million in the same quarter in 2014.
The company’s loss for the year 2015 widened to $134.2 million from $89.7 million in 2014, according to the report.
During the fourth quarter, Clean Energy Fuels’ delivery volumes rose 8.1 percent from 72.4 million gallons in 2014 to 78.3 million gallons in 2015. Dring the year 2015, the company delivered 308.5 million gallons, a rise of 16.4 percent from 265.1 million gallons in 2014.
Despite the rise in volumes, Clean Energy Fuels’ fourth quarter revenue dropped 9.7 percent from $132.1 million in 2014 to $119.3 million in 2015.
The full year revenue also decreased from $428.9 million in 2014 to $384.3 million in 2015, a 10.4 percent decline.
Revenue drops were attributed to the lower cost of natural gas, low oil prices and a strong U.S. dollar as well as less construction revenue caused by the type and timing of completed projects, the company said.
LNG World News Staff