Boston, MA 05/12/2014 (wallstreetpr) – Provider of an alternate fuel for the vehicle, Clean Energy Fuels Corp (NASDAQ:CLNE) announced a wider net loss for the first quarter despite a slender growth in revenue. The quarterly results were hurt by increased cost of sales and operating expenses resulting in more operating loss for the first quarter.
1Q Results
The company reported a wider net loss of $28.66 million or a loss of 30 cents a share compared to a net loss of $3.87 million or a loss of 4 cents a share in the year-ago quarter. On an adjusted basis, it has incurred a net loss of $28.77 million or a loss of 30 cents a share versus net income of $3.0 million or earnings of 3 cents a share in the year earlier quarter. The company indicated that its non-GAAP loss included $26.2 million of revenue from VETC. On average, analysts expected a loss of 30 cents a share.
Clean Energy Fuels Corp (NASDAQ:CLNE) said that its revenue rose modestly to $95.3 million from $93.0 million in the previous year quarter. Without the revenue contribution from VETC in 2013 first quarter, revenue would have jumped 43% since it could not recognize any revenue under VETC as the legislation expired at the end of the year 2013.
The company delivered 59.3 million gallons of gas, up 24% from 49.9 million gallons of gas in the year earlier period. The data excludes 2.2 million gallons delivered in 2013 first quarter by its Peruvian joint venture that was divested on March last year.
Operating Results
Clean Energy Fuels Corp (NASDAQ:CLNE)’ product cost of sales jumped 45% to $67.87 million from $46.81 million, whereas total operating expenses increased 19% to $112.18 million from $94.24 million in the previous year quarter. Thus the operating loss mounted to $16.9 million from $1.2 million in the year-ago quarter.
Clean Energy Fuels Corp (NASDAQ:CLNE)’s president and CEO Andrew Littlefair said that its top priorities are opening of more stations and adding up of incremental volume to the current stations.
