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Clean Energy Reports Gallons Delivered Rose 23% And Revenue Up 19% During The Second Quarter Of 2014

Stocks in this article: CLNE

Clean Energy Fuels Corp. (NASDAQ: CLNE) (Clean Energy or the Company) today announced operating results for the second quarter ended June 30, 2014.

Gallons delivered (defined below) for the second quarter of 2014 totaled 64.8 million gallons, up 23% from the 52.6 million gallons delivered in the same period a year ago. For the six months ended June 30, 2014, gallons delivered totaled 124.1 million gallons, up from 102.5 million gallons delivered in the six months ended June 30, 2013.

Revenue for the second quarter ended June 30, 2014 was $98.1 million, up from $88.1 million for the second quarter of 2013. Excluding the VETC (defined below) revenue recorded in the second quarter of 2013, revenue increased 19% between periods. For the six months ended June 30, 2014, revenue totaled $193.4 million, up from $181.2 million a year ago. When comparing periods, note that the Company recognized revenue attributable to the volumetric excise tax credit (VETC) of $6.0 million and $32.2 million in the second quarter and first six months of 2013, but did not recognize any revenue attributable to VETC in the second quarter and first six months of 2014 as the legislation under which the Company received such revenue expired on December 31, 2013.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated: “It was a very productive quarter at Clean Energy with the opening of the I-10 corridor from L.A. to Houston and the I-40 corridor from L.A. to Oklahoma City to heavy duty trucks fueling at our stations. Our nationwide network of natural gas fueling stations continues to expand as the number of trucking fleets that are either testing natural gas trucks or increasing their current count is rapidly expanding.”

Littlefair continued: “We also opened a CNG station, which in addition to fueling vehicles, is providing natural gas to energy-intensive users that are beyond the reach of a pipeline in New England. After being opened for only a few weeks, we see it on track to become one of our highest volume stations. In addition to this new market, we also made additional inroads into two of our newer markets, ready mix and bulk fuel hauling, during the quarter. Lastly, our established businesses of refuse, transit and airports continue to produce record volume levels.”

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