Clean Energy tightens second-quarter loss, bumps revenue
Clean Energy Fuels, one of the largest providers of natural gas fuel for transportation in North America tightened its second-quarter loss.
The company reported a net loss of $5.4 million for the second quarter, which compares to $12 million net loss in the second quarter of 2018.
However, in its report, Clean Energy noted that it swung to a 16.3 million loss in the first half of the year, down from a $200,000 profit in the first six months of 2018.
The company’s revenue for the second quarter of 2019 was $72.3 million, while for the revenue for the six months ended June 30, 2019, was $150.0 million. This compares to revenues of $70.5 million and $172.9 million for the second quarter and first six months of 2018, respectively.
Commenting on the quarter, Clean Energy’s president and CEO, Andrew Littlefair, said, “the second quarter of 2019 was highlighted by double-digit fuel volume growth and continued improvement in our overall financial position.”
The company delivered 99.6 million gallons in the second quarter of 2019, an 11.4 percent increase from 89.4 million in the second quarter of 2018. For the six months ended June 30, 2019, the company delivered 194.8 million gallons, an 11.6 percent increase from 174.5 million in the six months ended June 30, 2018. These increases were due to growth in CNG and LNG volumes principally from increased sales of its renewable natural gas product.
Out of the total volumes delivered in the second quarter of 2019, Clean Energy delivered 83.8 million gallons of compressed natural gas (CNG) rising from 73.8 million gallons in 2018.
LNG gallons deliveries edged up reaching 15.8 million gallons in 2019, up from 15.6 million gallons in 2018.
For the first half of the year, CNG deliveries hit 162.3 million gallons, up from 144.6 million gallons in the corresponding period in 2018. LNG deliveries reached 32.5 million gallons, up from 29.9 million