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Clean Energy Reports 102.7 Million Gallons Delivered and Revenue of $74.4 Million for Third Quarter of 2019
NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Clean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for
About this update from Clean Energy Fuels Corp.
[{"type":"text","content":" NEWPORT BEACH, Calif.--(BUSINESS WIRE)--\nClean Energy Fuels Corp. (NASDAQ: CLNE) (“Clean Energy” or the “Company”) today announced its operating results for the third quarter of 2019.\n\n\nAndrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “Double-digit volume growth continued during the third quarter of 2019. For the first time in the Company's history we exceeded the century mark in total gallons delivered for a quarter. The move by companies and trucking firms toward clean air heavy-duty trucks, and particularly heavy-duty trucks running on Redeem™, is driving this growth. We believe renewable natural gas has a large role to play in helping America address climate change challenges. Demand for this 100% renewable fuel from our customers and prospects validates the billions of dollars being invested in RNG production facilities and distribution networks.\"\n\n\nThe Company delivered 102.7 million gallons in the third quarter of 2019, an 11.3% increase from 92.3 million in the third quarter of 2018. For the nine months ended September 30, 2019, the Company delivered 297.5 million gallons, an 11.5% increase from 266.8 million in the nine months ended September 30, 2018. These increases were principally due to growth in CNG volumes and increased sales of Redeem.\n\n\nThe Company’s revenue for the third quarter of 2019 was $74.4 million, including an unrealized gain of $1.1 million on commodity swap and customer fueling contracts that support the Company’s Zero Now truck financing program, compared to $77.3 million of revenue in the same period last year. Excluding the unrealized gain on commodity swaps of $1.1 million in 2019, revenue decreased 5.2% for the third quarter of 2019 compared to the prior year period principally due to lower station construction revenue. Station construction revenue was $6.4 million for the third quarter of 2019 compared to $9.4 million in the comparable 2018 period. Revenue associated with higher volumes was largely offset by lower effective fuel prices due to lower natural gas prices and fuel price mix based on the variation of fuel types and geographies where we deliver fuel gallons.\n\n\nThe Company’s revenue for the nine months ended September 30, 2019 was $224.5 million, including an unrealized loss of $3.3 million on commodity swap and customer fueling contract...