Stock Update (NASDAQ:CLNE): Clean Energy Fuels Corp Reports 80.6 Million Gallons Delivered and Revenue of $92.3 Million for Third Quarter of 2015


Clean Energy Fuels Corp (NASDAQ:CLNE) announced operating results for the third quarter ended September 30, 2015.

Gallons delivered (defined below) for the third quarter of 2015 increased 17% to 80.6 million gallons, compared to 68.6 million gallons delivered in the same period a year ago. Gallons delivered for the nine months ended September 30, 2015 increased 19% to 230.2 million gallons, compared to 192.7 million gallons delivered in the same period a year ago.

Revenue for the third quarter ended September 30, 2015 was $92.3 million, a decrease of $11.1 million or 11% compared to $103.4 million for the third quarter of 2014. Approximately $5.7 million of the decrease was the result of lower effective pricing on gallons delivered which was impacted by lower commodity costs in 2015 compared to 2014. Construction revenue in the third quarter of 2015 was $10.3 million less than construction revenue in the third quarter of 2014, principally due to a product mix favoring project upgrades for existing customers in 2015 versus standalone station builds in the same period in 2014. Revenue for Clean Energy Compression (formerly IMW), Clean Energy’s compressor manufacturing subsidiary, decreased by $6.4 million when compared to the same period in 2014 due to the global decline in oil prices, the strength of the U.S. dollar, and slower than expected sales in China. Revenue increased approximately $9.8 million from incremental volumes delivered in the third quarter of 2015 compared to the same period in 2014.

Revenue for the nine months ended September 30, 2015 was $265.0 million, a decrease of 11% compared to $296.8 million a year ago. This decrease was attributed to lower effective pricing impacted by lower commodity costs, lower construction and Clean Energy Compression revenue, partially offset by higher revenue on increased volumes similar to the factors impacting the third quarter of 2015.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “We are making great progress in leveraging our business model as we grew volumes and generated positive adjusted EBITDA this quarter, while operating in this prolonged low oil price environment. Our customers and prospects continue to see the full benefits of using cleaner and environmentally favorable natural gas as their fuel source in addition to the favorable economics. We are pleased to see a building momentum with our Redeem™ renewable natural gas that’s 90% cleaner than diesel and offers fleets like UPS and Santa Monica’s Big Blue Bus a dramatic and immediate improvement to their sustainability goals.”

Adjusted EBITDA for the third quarter of 2015 was $3.1 million. This compares with Adjusted EBITDA of $(2.0) million in the third quarter of 2014. For the nine month period ended September 30, 2015, Adjusted EBITDA was $(5.1) million, compared with $(13.5) million for the same period in 2014. Adjusted EBITDA is described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.

Non-GAAP loss per share for the third quarter of 2015 was $0.23, compared with non-GAAP loss per share for the third quarter of 2014 of $0.27. For the nine months ended September 30, 2015, non-GAAP loss per share was $0.84, compared with non-GAAP loss per share of $0.86 for the first nine months in 2014. Non-GAAP loss per share is described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.

On a GAAP basis, net loss for the third quarter of 2015 was $23.1 million, or $0.25 per share, and included a non-cash gain of $0.5 million related to the accounting treatment that requires Clean Energy to value its Series I warrants and mark them to market, a non-cash charge of $2.7 millionrelated to stock-based compensation, and $0.2 million in additional lease exit charges related to the move of the Company’s headquarters (HQ Lease Exit). This compares with a net loss for the third quarter of 2014 of $30.1 million, or $0.32 per share, which included a non-cash gain of $3.3 million related to the mark-to-market accounting treatment of the Series I warrants, a non-cash charge of $2.8 million related to stock-based compensation, a $4.7 million charge related to a mining power project in Australia where the Company’s Clean Energy Compression subsidiary incurred significant cost overruns (IMW Australia Project), and an additional $0.1 million in charges related to the HQ Lease Exit.

Net loss for the nine month period ended September 30, 2015 was $84.2 million, or $0.92 per share, which included a non-cash gain of $1.1 millionrelated to the mark-to-market accounting treatment of the Series I warrants, non-cash stock-based compensation charges of $8.0 million, and a$0.5 million charge related to the HQ Lease Exit. This compares with a net loss for the nine month period ended September 30, 2014 of $91.0 million, or $0.96 per share, which included a non-cash gain of $5.4 million related to the mark-to-market accounting treatment of the Series I warrants, non-cash stock-based compensation charges of $9.2 million, foreign currency losses of $0.3 million on the purchase notes issued inSeptember 2010 by the Company in connection with its acquisition of Clean Energy Compression (IMW Purchase Notes), a $0.1 million charge relating to the fair value adjustment of the remaining shares the Company received from Westport Innovations, Inc. in connection with the sale of its former subsidiary BAF Technologies, Inc. (WPRT Holdback Shares Write-Down), a $4.7 million charge related to the IMW Australia Project, and a$0.9 million charge related to the HQ Lease Exit. (Original Source)

Shares of Clean Energy Fuels closed today at $5.58, down $0.18 or 3.13%. CLNE has a 1-year high of $10.48 and a 1-year low of $3.73. The stock’s 50-day moving average is $5.31 and its 200-day moving average is $6.21.

Clean Energy Fuels Corp is engaged in selling natural gas fueling solutions to its customers in the United States and Canada. It also designs, builds, finances, and operates natural gas filling stations for vehicle fleets.