Clean Energy Fuels Corp. (CLNE) saw its loss narrow to $3.88 million, or $0.03 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $50.01 million, or $0.54 a share. On an adjusted basis, net loss for the quarter stood at $2.32 million, or $0.02 a share compared with a net profit of $7.69 million, or $0.08 a share in the last year period. Revenue during the quarter dropped 14.68 percent to $101.83 million from $119.35 million in the previous year period. Gross margin for the quarter contracted 1154 basis points over the previous year period to 35.47 percent. Operating margin for the quarter stood at negative 7.06 percent as compared to a positive 12.46 percent for the previous year period.
Operating loss for the quarter was $7.19 million, compared with an operating income of $14.88 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $17.87 million compared with $32.91 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1002 basis points in the quarter to 17.55 percent from 27.57 percent in the last year period.
Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated "The positive momentum continued in 2016 for Clean Energy with volume growth, increased station builds, improved Adjusted EBITDA, and lowered debt balances. We continue to leverage our natural gas fueling infrastructure by increasing volumes while lowering capital expenditures and expenses. Clean Energy remains the market leader for the increasing number of fleets choosing to take advantage of natural gas and renewable natural gas as an immediate, affordable and environmentally friendly alternative vehicle fuel solution."
Working capital increases sharply
Clean Energy Fuels Corp. has recorded an increase in the working capital over the last year. It stood at $172.54 million as at Dec. 31, 2016, up 108.45 percent or $89.77 million from $82.77 million on Dec. 31, 2015. Current ratio was at 2.93 as on Dec. 31, 2016, up from 1.34 on Dec. 31, 2015. Cash conversion cycle (CCC) has decreased to 50 days for the quarter from 54 days for the last year period. Days sales outstanding went down to 46 days for the quarter compared with 52 days for the same period last year.
Days inventory outstanding was almost stable at 21 days for the quarter, when compared with the last year period. At the same time, days payable outstanding went down to 17 days for the quarter from 20 for the same period last year.
Debt comes down significantly
Clean Energy Fuels Corp. has recorded a decline in total debt over the last one year. It stood at $247.38 million as on Dec. 31, 2016, down 50.74 percent or $254.77 million from $502.15 million on Dec. 31, 2015. Total debt was 27.57 percent of total assets as on Dec. 31, 2016, compared with 49.93 percent on Dec. 31, 2015. Debt to equity ratio was at 0.50 as on Dec. 31, 2016, down from 1.53 as on Dec. 31, 2015.
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