Business
Clean Energy Reports 97.7 Million Gallons Delivered and Revenue of $70.9 Million for Third Quarter of 2020
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 2020.\n\nAndrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “Renewable natural gas continues to be a shining star in our business. It strongly contributed to our operating results in the third quarter while benefitting our customers’ carbon reduction goals. Investment in RNG facilities is robust and Clean Energy plays a critical role in getting this renewable fuel into fuel tanks.”\n\nThe Company delivered 97.7 million gallons in the third quarter of 2020, a 5% decrease from 102.7 million in the third quarter of 2019. This decrease was principally from the continuing effects of COVID-19, primarily impacting the airports (fleet services), public transit and government fleet customer markets.\n\nThe Company’s revenue for the third quarter of 2020 was $70.9 million, a decrease of 4.8% compared to $74.4 million for the third quarter of 2019. Revenue for the third quarter of 2020 included $5.0 million from U.S. federal excise tax credits for alternative fuels (\"AFTC\"), which applied to vehicle fuel sales made from July 1, 2020 through September 30, 2020, and an unrealized loss of $0.1 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now truck financing program. Revenue for the third quarter of 2019 included an unrealized gain of $1.1 million on commodity swap and customer fueling contracts relating to the Company’s Zero Now program. Excluding the AFTC revenue in the third quarter of 2020 and the unrealized loss and gain on commodity swap and customer fueling contracts in the third quarter of both 2020 and 2019, respectively, revenue for the third quarter of 2020 decreased by 9.9% to $66.0 million compared to $73.3 million for the third quarter of 2019. This decrease was principally due to lower effective fuel prices resulting from lower natural gas prices and the fuel price mix, which is based on the variation of fuel types and locations where we deliver fuel, and lower volumes. The decrease in revenue from lower effective fuel prices and volumes was partially offset by higher station construction sales which were $8.8 million for the third quarter of 2020 compared to $6.4 million for...