Clean Energy reports profits jump
Clean Energy Fuels, one of the largest providers of natural gas fuel for transportation in North America reported a jump in profit for 2019.
The company saw its net profit reach $41 million in the fourth quarter and $20.4 million for the year, up from $6 million and a net loss of $3.7 million for the fourth quarter 2019 and the full year 2018, respectively.
The company’s revenue for the fourth quarter of 2019 was $119.6 million, an increase of 24.3 percent, compared to $96.2 million for the fourth quarter of 2018. Revenue for the year ended December 31, 2019, was $344.1 million, a decrease of 0.7 percent, compared to $346.4 million for the year ended December 31, 2018.
The company delivered 103.3 million gallons in the fourth quarter of 2019, a 5 percent increase from 98.7 million in the fourth quarter of 2018. For the year ended December 31, 2019, the company delivered 400.8 million gallons, a 10 percent increase from 365.5 million for the year ended December 31, 2018, it said in its statement.
Out of the total volumes delivered in the fourth quarter of 2019, Clean Energy delivered 87.3 million gallons of compressed natural gas (CNG) rising from 79.5 million gallons in 2018.
LNG gallons deliveries slipped reaching 16 million gallons in the fourth quarter of 2019, compared to 19.2 million gallons in the corresponding period in 2018.
For the full year, CNG deliveries hit 335.7 million gallons, up from 299.5 million gallons in the corresponding period in 2018. LNG deliveries reached 65.1 million gallons, edging slightly down from 66 million gallons delivered in 2018.