Clean Energy Fuels Corp (NASDAQ:CLNE)
Clean Energy Fuels Corp (NASDAQ:CLNE) released operating report for Q4 2016 and year closed December 31, 2016. The firm recorded 84.1 million gallons in Q4 2016, a 7.4% jump from 78.3 million gallons over Q4 2015. For the year closed December 2016 the firm recorded 329 million gallons, a 6.6% jump from 308.5 million gallons recorded for the year closed December 31, 2015.
The financial update
Clean Energy reported that revenue for Q4 2016 came at $101.8 million compared to revenue of $119.3 million for Q4 2015. This decline can be largely accredited to the recognition of an entire year of alternative fuel tax credit revenue of $31 million in Q4 2015, while merely one quarter of VETC revenue of $7 million was recorded in Q4 2016.
Revenue from gallons recorded and revenue from station construction jumped in Q4 2016 versus the same period, a year earlier due to volume growth, the construction of new natural gas fueling stations, expansions of present natural gas fueling stations and increased effective prices by clients. Compressor sales dropped in Q4 2016 YoY basis following continued low international demand.
Clean Energy reported that revenue for FY2016 came at $402.7 million compared to revenue of $384.3 million for FY2015. Volume-related revenue and sales proceeds from station construction jumped in FY2016 versus FY2015. These increases were majorly offset by a drop in revenue from compressor sales. Moreover, VETC revenue dropped for the year mainly due to a change in the process of computing VETC that became effective at the start of 2016.
Andrew J. Littlefair, the President and CEO of Clean Energy, reported that the promising momentum continued in 2016 for company with volume growth, improved adjusted EBITDA, reduced debt balances and increased station builds. They continue to leverage their natural gas fueling setup by increasing volumes and at the same time lowering capital expenses and expenditures.
Clean Energy continues to be the market pioneer for the increasing count of fleets choosing to take benefit of natural gas as well as renewable natural gas as an instant, inexpensive and ecologically friendly substitute for vehicle fuel solution. In Q4 2016, on a GAAP basis, net loss for Q4 2016 came at $(3.9) million against a net loss for Q4 2015 of $(50.0) million. The report comprised a net gain of $9 million as a result of the debt reduction.
In the last trading session, the stock price of Clean Energy declined over 4% to close the session at $2.57. After the decline in last trading session, the market cap of firm now stands at $375.31 million.
|Last Price a/o 3:21 PM EST||2.70|
|Market Cap (mlns)||362.86M|
|Shares Outstanding (mlns)||141.19M|
|Share Float (mlns)||121.99M|
|Short Interest Ratio||3.71|
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.