Business
Clean Energy Reports 99.3 Million Gallons Delivered and Revenue of $86.0 Million for First 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 first quarter of 2020.\n\n\nAndrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “Given these unprecedented times of a global pandemic we are thankful that our workforce has remained healthy with no cases of COVID-19 to date. We are also fortunate that we went into this crisis with a strong balance sheet and have continued to operate as an essential business through the lockdown. Our thoughts go out to those individuals and companies being impacted by these macro events in the world. The COVID-19 pandemic has impacted our business in the form of declines in volumes delivered in certain market sectors due to lower activity, such as around airports and transit authorities, with less declines in refuse and over-the-road trucking as most of those sectors remain essential and active. We have seen low oil prices before, albeit not at these historic levels, which creates a headwind due to related lowering of diesel and gasoline pump prices but is also another reminder of oil’s unpredictable volatility. Meanwhile, natural gas remains steadily inexpensive and significantly better on the environment, particularly the ultra-low carbon renewable natural gas. As I said, we are fortunate we entered these unprecedented times in good financial health, principally because we have adequate cash reserves and a positive cash outlook for 2020 and beyond even under the stress we are encountering. If current conditions extend beyond the second quarter, we also can further pull back discretionary spending. We are proud of our employees and pleased that we’re keeping essential businesses fueled with ultra-low emission natural gas and continuing to operate, which we believe will help us manage our financial position through these volatile times.\"\n\n\nThe Company delivered 99.3 million gallons in the first quarter of 2020, a 4% increase from 95.2 million in the first quarter of 2019. This increase was due to growth in CNG volumes and increased sales of Redeem.\n\n\nThe Company’s revenue for the first quarter of 2020 was $86.0 million, an increase of 10.7% compared to $77.7 million for the first quarter of 2019. Revenue for the first quarter of 2020 included $5.4 ...