Dallas, Texas 05/12/2014 (FINANCIALSTRENDS) –Clean Energy Fuels Corp (NASDAQ:CLNE) recently reported its operating results for 1Q14 ended March 31, 2014. The company reported 59.3 million gallons delivered during 1Q14, up 24% from 49.9 million gallons delivered during 1Q13. However, the year over year comparison excluded 2.2 million gallons delivered in 1Q13 from its Peruvian joint venture which was sold in March 2013.
Executive Comment:
President and Chief Executive Officer of Clean Energy Fuels, Andrew J. Littlefair commented, “We believe our years of experience and leadership position in established markets like refuse and transit are positioning us extremely well to capitalize on the young, but significant opportunity in the heavy-duty truck market.”
1Q14 Earnings Highlights:
Clean Energy Fuels Corp (NASDAQ:CLNE) reported 1Q14 revenue at $95.3 million compared to $93 million reported for 1Q13. However, excluding VETC (volumetric excise tax credit) revenue in 1Q13, year over year revenue increased by 43% during 1Q14 as the company recognized revenue of $26.2 million in 1Q13 and none in 1Q14, attributable to VETC.
The company reported adjusted EBITDA of $(6.8) million during 1Q14 as compared to $20 million reported during 1Q13 which included $26.2 million of revenue attributable to VETC. Net loss for 1Q14 on a GAAP basis was reported at $28.6 million ($0.30 per share) as compared to net loss of $3.9 million ($0.04 per share) in 1Q13. The net loss during 1Q14 was largely attributed to $0.3 million of foreign currency losses on the Company’s purchase notes issued in September 2010 (in connection with the acquisition of IMW Industries, Ltd.); $3.4 million of a non-cash charge related to stock based compensation; $0.5 million write down of the value of the shares it expects to receive from Westport Innovations, Inc.; additional lease exit charges of $0.1 million, related to the shift of the Company’s headquarters; and partially offset by $4.5 million of non-cash gain, related to the accounting treatment.
Clean Energy Fuels Corp (NASDAQ:CLNE)’s stock gained 11.79% on Friday and closed at $9.86.
