Clean Energy revenue rises
Clean Energy Fuels announced that gallons delivered for the second quarter of 2014 totaled 64.8 million gallons, up 23% from the 52.6 million gallons delivered in the same period a year ago.
For the six months ended June 30, 2014, gallons delivered totaled 124.1 million gallons, up from 102.5 million gallons delivered in the six months ended June 30, 2013.
Revenue for the second quarter ended June 30, 2014 was $98.1 million, up from $88.1 million for the second quarter of 2013. Excluding the VETC revenue recorded in the second quarter of 2013, revenue increased 19% between periods. For the six months ended June 30, 2014, revenue totaled $193.4 million, up from $181.2 million a year ago.
Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated: “It was a very productive quarter at Clean Energy with the opening of the I-10 corridor from L.A. to Houston and the I-40 corridor from L.A. to Oklahoma City to heavy duty trucks fueling at our stations. Our nationwide network of natural gas fueling stations continues to expand as the number of trucking fleets that are either testing natural gas trucks or increasing their current count is rapidly expanding.”
Littlefair continued: “We also opened a CNG station, which in addition to fueling vehicles, is providing natural gas to energy-intensive users that are beyond the reach of a pipeline in New England. After being opened for only a few weeks, we see it on track to become one of our highest volume stations. In addition to this new market, we also made additional inroads into two of our newer markets, ready mix and bulk fuel hauling, during the quarter. Lastly, our established businesses of refuse, transit and airports continue to produce record volume levels.“
Adjusted EBITDA for the second quarter of 2014 was $(4.7) million. This compares with Adjusted EBITDA of $11.1 million in the second quarter of 2013. For the six month period ended June 30, 2014, Adjusted EBITDA was $(11.5) million, compared with $31.2 million for the same period in 2013.
Press Release, August 8, 2014; Image: Clean Energy