Clean Energy Fuels Corp. (CLNE) has reported 2,059.09 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $61.06 million, or $0.40 a share in the quarter, compared with $2.83 million, or $0.03 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $62.97 million, or $0.41 a share compared with $5.25 million or $0.05 a share, a year ago.
Revenue during the quarter dropped 6.57 percent to $89.49 million from $95.78 million in the previous year period. Gross margin for the quarter contracted 614 basis points over the previous year period to 31.99 percent. Operating margin for the quarter stood at negative 11.69 percent as compared to a negative 4.21 percent for the previous year period.
Operating loss for the quarter was $10.46 million, compared with an operating loss of $4.03 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $80.74 million compared with $29.75 million in the prior year period. At the same time, adjusted EBITDA margin improved 5916 basis points in the quarter to 90.22 percent from 31.06 percent in the last year period.
Andrew J. Littlefair, Clean Energy's president and chief executive officer, stated "The first quarter of the year was very significant. Not only did we grow volumes and strengthen our balance sheet with additional debt reductions, but the deal with BP to buy our RNG production assets and put in place a long-term supply agreement, positions us very well to continue to grow our Redeem business. The demand for Redeem renewable natural gas has grown from a niche product in California to a national offering that customers want because it's a great way to achieve sustainability goals at an affordable cost."
Working capital increases sharply
Clean Energy Fuels Corp. has recorded an increase in the working capital over the last year. It stood at $268.76 million as at Mar. 31, 2017, up 208.84 percent or $181.74 million from $87.02 million on Mar. 31, 2016. Current ratio was at 4.27 as on Mar. 31, 2017, up from 1.38 on Mar. 31, 2016. Cash conversion cycle (CCC) has increased to 162 days for the quarter from 119 days for the last year period. Days sales outstanding went up to 174 days for the quarter compared with 110 days for the same period last year.
Days inventory outstanding has decreased to 21 days for the quarter compared with 46 days for the previous year period. At the same time, days payable outstanding went down to 33 days for the quarter from 37 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 $215.38 million as on Mar. 31, 2017, down 53.13 percent or $244.10 million from $459.49 million on Mar. 31, 2016. Total debt was 23.76 percent of total assets as on Mar. 31, 2017, compared with 46.86 percent on Mar. 31, 2016. Debt to equity ratio was at 0.38 as on Mar. 31, 2017, down from 1.27 as on Mar. 31, 2016.
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