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Thanks! It's up 10.93% atm...Hope you still holding..
Thanks Perl I see it now same quantity as my BLKCF..
I haven't got mine yet either..
Expected and a healthy one..
Getting ready for the next run..
Let's see what Mike Willis brings to the table.. Looks like he's got good credentials..
Westport Fuel Systems Announces New Chief Financial Officer
VANCOUVER, British Columbia, May 31, 2018 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. ("Westport Fuel Systems") (TSX:WPRT) (Nasdaq:WPRT) today announced the appointment of Mike Willis as Chief Financial Officer ("CFO") effective June 11, 2018. Ashoka Achuthan, Westport Fuel Systems current CFO, will step down from his position but continue to serve as an advisor to the leadership team through a transition period.
Mr. Willis has had a distinguished career in corporate finance, private equity and investment banking, with unique expertise in the renewable energy sector. Prior to joining Westport Fuel Systems, he served as CFO of Gevo, Inc., a Nasdaq-listed renewable chemical and advanced biofuels company, from 2013 to 2018. He joined Gevo in 2012 as Executive Vice President of Corporate Development & Strategy. Prior to Gevo, Mr. Willis served as Operating Principal at Virgin Green Fund, a growth equity fund focused on the renewable energy and resource efficiency sectors, from 2007 to 2013. From 2005 to 2007, Mr. Willis was part of the Virgin Group, initially joining as Investment Manager of Virgin Management Limited and later as Principal of Virgin Fuels. He worked in corporate development, finance, and strategy roles assisting several of Virgin’s portfolio companies in executing their growth strategies and corporate finance transactions at senior management and board levels. Mr. Willis’ career also covers private equity and investment banking roles in the United States and Canada, working with companies spanning the retail, consumer products, manufacturing, services and technology sectors. He holds an MBA from INSEAD in France and a Bachelor of Commerce from Queen’s University in Canada.
“We are delighted to have Mike join Westport Fuel Systems as CFO,” said Nancy Gougarty, Chief Executive Officer of Westport Fuel Systems. “Mike brings excellent credentials in both public and private capital markets, a proven track record of financial stewardship and an extensive knowledge in the renewable energy sector. Mike will be an asset to the company as we continue to advance our position within the alternative fuel market and execute on our path towards profitability.”
“Westport Fuel Systems is at a pivotal stage of becoming a profitable, sustainable company, by leveraging its core strengths of technology leadership and market innovation,” said Mr. Willis. “I am excited to be joining the company’s team of passionate, dedicated experts, who are constantly striving to maximize the value of the company’s existing technology platforms, while concurrently pursuing innovative opportunities amid global environmental challenges. I look forward to playing a key role as the company moves into its next stage of growth and value creation for its stakeholders.”
“On behalf of our Board, our executive team, and our employees I want to thank Ashoka for his leadership contributions over the past five years,” Gougarty continued. “Ashoka has pivoted us through various critical moments while continuously improving our operational results and capital structure, leading up to the commercialization of Westport HPDI 2.0™. We are grateful for his dedication and wish him the best as he relocates to his family.”
About Westport Fuel Systems
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are inventors, engineers, manufacturers and suppliers of advanced clean fuel systems and components that can change the way the world moves. Our technology delivers performance, fuel efficiency and environmental benefits to address the challenges of global climate change and urban air quality. Headquartered in Vancouver, Canada, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.
Investor Inquiries:
Caroline Sawamoto
Senior Manager, Investor Relations & Communications
Westport Fuel Systems
T: +1 604-718-2046
invest@wfsinc.com
I doubt it.. Bitcoin still the King and I own both along with my other cryptos ETH, IOTA, EOS & NEO.. NEO is my favorite because I get GAS divvy
Btw I am now your 30th follower..
Good luck on all your investments..
Lets hope some more gains tomorrow.. I think that once they fixed the problem that had GOGO collapsed to where is at now it will easily get back to the tens..
Up almost 5% atm not too shabby!
Exactly pack10!! meanwhile pps is up almost 9% atm..
Form 4 filed.. Nice!!! TOWNSEND CHARLES C bought 140733 shares at $5.2576 in the open market.. Great sign whenever Insiders are buying.. Hang on to your shares investor86 we are going get rewarded from our recent buys..
Clean Energy (CLNE) Soars: Stock Adds 9.1% in Session
Zacks Equity Research
May 30, 2018
Clean Energy Fuels Corp. CLNE was a big mover last session, as the company saw its shares rise more than 9% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This continues the recent uptrend for the company as the stock is now up 78.3% in the past one-month time frame.
The company has seen no estimate revisions over the past few weeks and the Zacks Consensus Estimate for the current quarter remained unchanged. The recent price action is encouraging though, so make sure to keep a close watch on this firm in the near future.
Clean Energy currently has a Zacks Rank #2 (Buy) while its Earnings ESP is 0.00%.
Maybe you haven't been paying attention Hypo see latest post from Pack10... I disagree that this is a dilutive pump because if it is there's is no way in hell 4 insiders would bought shares at the open market..
The only thing that will prevent CLNE from hitting the $4 mark its because the RSI is en fuego and it needs to cool off a bit.. Yes it will retrace a little but after that there is no stopping CLNE of hitting that $4..
Hope you picked up some CLNE.. CLNE and WPRT are my Bonnie & Clyde stocks :)
Thank you Jack! This is one of my winner winner chicken dinner this year along with my WPRT :) So much potential and so glad I've added before it started running.. Can't wait to see the PPS at the end of year..
I took advantage with this dropped and I've added 575 shares @ 4.624504 and it's already looking good
WOOOW CLNE now pass WPRT.. Up another 4.88% atm.. GO CLNE!
Insider trading maybe? Wade John sold 2408 shares not a lot so the share price should not get affected that much..
Could of done much better there Saskey..
CLNE is up another 7% atm..
Wonder if another insiders are buying today..
I also bought 660 shares today.. I was an early investor in GOGO many moons ago and I have always like this company..
Hopefully their new hire Will Davis will bring a lot to the table..
Good luck investor86!
Many moons ago I heard we are getting FORK the last week of May..
Uh oh bad news coming for shorties!!
WPRT and CLNE's pps keeps climbing..
I couldn't be more content seeing my CLNE and WPRT coming into fruition..
True that Pack10... Insiders buying are the most trusted source when it comes to investing IMO..
CLNE keeps chugging along on its way to $3..
Another Form 4 filed..Scully Stephen bought 20K shares at $2.49..
I am loving all these open market purchases by the insiders..
GO CLNE!
With all the things going on lately I have no doubt TFN..
Great job on shorting it from $12 Jack..
Now that things start to look good maybe you can get on Longs' side.. After all this is the stock market and its all about making money..
Rock Star on timing I won't go that far :)
Just luck on my part..
WPRT is a mover again..
Its going to be a hell of ride on WPRT and CLNE from here on out..
This is great! more insiders buying..
Andy Littlefair bought 22,000 @2.2951 and
Vreeland Robert M. bought 17,300 @ $2.3169
Its going to be a lot fun ahead of us..
GO CLNE..
Yet my initial position at $1.40 is almost doubled..
Carry on Jack!
Westport Fuel Systems Announces Agreement to Sell CNG Compressor Business to Snam S.p.A. for 12.5 Million Euro
Revenue Guidance Adjusted to Reflect Sale
VANCOUVER, British Columbia, May 17, 2018 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (“Westport Fuel Systems”) (TSX:WPRT) (Nasdaq:WPRT) today announced that it has entered into an agreement to sell its compressed natural gas (“CNG”) compressor business based in Cherasco, Italy to Snam S.p.A. (“Snam”), a leading European gas utility company, for a cash purchase price of 12.5 million Euro, subject to certain customary adjustments and closing conditions. The transaction is expected to close by the end of July. The divestiture is consistent with Westport Fuel Systems strategy to streamline its business and product lines and focus on supplying alternative fuel vehicle components and systems to the transportation industry.
“We are proud to have Snam agreeing to purchase our CNG compressor business given their leadership in the development of natural gas fuelling infrastructure in Italy,” stated Nancy Gougarty, Chief Executive Officer of Westport Fuel Systems. “This business will be in good hands as they will be able to grow the CNG fuelling infrastructure further, which will ultimately benefit our core business. This divestiture is also aligned with our strategic review of our product portfolio. Not only does the sale strengthen our balance sheet, but it also enables us to concentrate on our key priorities to grow our core business, delivering innovative, ready-now products that address the market’s need for alternative fuel solutions.”
CoveView Advisors LLC acted as financial advisor and Latham & Watkins (Italy) acted as legal advisor for Westport Fuel Systems on the transaction.
As a consequence of the divestiture, the results from the CNG compressor business will be reclassified to discontinued operations in future external reporting for the full year. Therefore, the company is revising its consolidated revenue guidance from continuing operations to a range of $235 million to $255 million for the full year 2018.
About Snam S.p.A.
Snam is Europe’s leading gas utility. Founded in 1941 as “Società Nazionale Metanodotti”, it has been building and managing sustainable and technologically advanced infrastructure guaranteeing energy security for over 75 years. Snam operates in Italy and, through subsidiaries, Austria (TAG and GCA), France (Teréga) and the United Kingdom (Interconnector UK). It is one of the main shareholders of TAP (Trans Adriatic Pipeline) and is the company most involved in projects for the creation of the Energy Union. First in Europe by transport network size (over 32,500 km in Italy, about 40,000 with international subsidiaries) and natural gas storage capacity (16.7 billion cubic meters in Italy, about 20 billion with international subsidiaries), Snam manages the first liquefied natural gas (LNG) plant built in Italy and is a shareholder of the country’s main terminal. Snam’s business model is based on sustainable growth, transparency, nurturing talent, and development of local areas by dialoguing with communities. It fosters sustainable mobility, expands into energy efficiency, and invests in biomethane and innovative technologies to increase the use of renewable gas, a key resource of the green economy. www.snam.it
About Westport Fuel Systems
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are inventors, engineers, manufacturers and suppliers of advanced clean fuel systems and components that can change the way the world moves. Our technology delivers performance, fuel efficiency and environmental benefits to address the challenges of global climate change and urban air quality. Headquartered in Vancouver, Canada, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding the timing of the closing of the referenced compressor business sale. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward looking statements. These risks and uncertainties include risks and assumptions related to the timing for and Westport Fuel Systems ability to complete the required closing conditions for the referenced transaction, as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward looking statements except as required by National Instrument 51-102. The contents of any website, RSS feed or twitter account referenced in this press release are not incorporated by reference herein.
Investor Inquiries:
Caroline Sawamoto
Manager, Investor Relations & Communications
Westport Fuel Systems
T: +1 604-718-2046
invest@wfsinc.com
Form 4 filed.. Corbus Barclay bought 10,000 shares at $2.1153..
It's always good to see an insider buying on the open market..
I wouldn't be surprised if other insiders follow..
Confidence builder for sure..
Just thinking positive.. One day closer to get our FORK
I agree.. This is the most painful stock I had ever owned..
Their management all need to go to jail..
Thanks Kettleman!
After reading the CC transcript I feel bullish on CLNE.. $5 pps at the end of year is now probable..IMHO
Clean Energy Reports 85.1 Million Gallons Delivered and Revenue of $102.4 Million for First Quarter of 2018
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--May 10, 2018-- Clean Energy Fuels Corp. (NASDAQ: CLNE) ("Clean Energy" or the "Company") today announced its operating results for the first quarter of 2018.
The Company delivered 85.1 million gallons in the first quarter of 2018 and 2017. Growth in CNG volumes was offset principally by a reduction in LNG volumes due to the non-renewal of two contracts and RNG volumes for non-vehicle fuel that were included in contracts sold to BP, as noted below.
Revenue for the first quarter of 2018 was $102.4 million, a 14.4% increase from $89.5 million of revenue for the first quarter of 2017. This increase was primarily due to $25.5 million in revenue from the U.S. federal excise tax credits for alternative fuels ("AFTC"). The AFTC, which had previously expired on December 31, 2016, was reinstated on February 9, 2018 to apply to vehicle fuel sales made from January 1, 2017 through December 31, 2017. The increase in revenue was partially offset by a lower effective price per gallon, largely attributable to the effects of the Company's sale of certain assets related to the upstream production portion of its RNG business to BP Products North America Inc. ("BP") at the end of the first quarter of 2017 (the "BP Transaction"), which has resulted in decreased revenue from the sale of certain tradable credits the Company generates by selling CNG, LNG and its Redeem™ RNG vehicle fuel. Station construction revenue decreased between periods, principally due to fewer projects in process in the current period compared to a year ago. Additionally, the combination of our former compressor business (“CEC”) with Landi Renzo's compressor business, SAFE, in the fourth quarter of 2017 resulted in CEC no longer being consolidated in the Company’s financial results and instead being reported as an equity method investment in first quarter of 2018, which also decreased reported revenue in the period.
Andrew J. Littlefair, Clean Energy's President and Chief Executive Officer, stated "Our financial performance in the first quarter was solid, and in line with our expectations, as we believe we are realizing the benefits of optimizing our station network, the Landi Renzo CEC combination and the reinstatement of the AFTC for 2017. We believe our clean natural gas and renewable natural gas for transportation fuel are very attractive solutions to getting to zero emissions now."
On a GAAP basis, net income for the first quarter of 2018 was $12.2 million, or $0.08 per share, compared to net income of $61.1 million, or $0.40 per share, for the first quarter of 2017. The first quarter of 2018 was positively impacted by AFTC revenue of $25.5 million. The first quarter of 2017 was positively affected by gains of $3.2 million and $70.6 million, respectively, from the Company's repurchase of a portion of its outstanding debt at a discount to the face amount and the BP Transaction.
Non-GAAP income per share and Adjusted EBITDA for the first quarter of 2018 was $0.10 and $32.4 million, respectively, which included the AFTC revenue recognized in the period. Non-GAAP income per share and Adjusted EBITDA for the first quarter of 2017 was $0.41 and $80.8 million, respectively, which included the gains from the debt repurchase and the BP Transaction in the period.
Non-GAAP income per share and Adjusted EBITDA are described below and reconciled to GAAP net income and income per share attributable to Clean Energy Fuels Corp.
Non-GAAP Financial Measures
To supplement the Company’s consolidated financial statements, which statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), the Company uses non-GAAP financial measures that it calls non-GAAP income per share ("non-GAAP EPS" or "non-GAAP income per share") and adjusted EBITDA ("Adjusted EBITDA"). Management presents non-GAAP EPS and Adjusted EBITDA because it believes these measures provide meaningful supplemental information regarding the Company’s performance, for the following reasons: (1) these measures allow for greater transparency with respect to key metrics used by management, as management uses these measures to assess the Company’s operating performance and for financial and operational decision-making; (2) these measures exclude the impact of items that management believes are not directly attributable to the Company’s core operating performance and may obscure trends in the business; and (3) these measures are used by institutional investors and the analyst community to help analyze the Company’s business. In future quarters, the Company may make adjustments for other expenditures, charges or gains in order to present non-GAAP financial measures that the Company’s management believes are indicative of the Company’s core operating performance.
Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the Company’s GAAP results. The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described below (and/or other items that may arise in the future as the Company’s management deems appropriate), and the Company expects to continue to incur expenses, charges or gains similar to the non-GAAP adjustments described below. Accordingly, unless expressly stated otherwise, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. Non-GAAP EPS and Adjusted EBITDA are not recognized terms under GAAP and do not purport to be an alternative to GAAP income, GAAP income per share or any other GAAP measure as an indicator of operating performance. Moreover, because not all companies use identical measures and calculations, the Company's presentation of non-GAAP EPS and Adjusted EBITDA may not be comparable to other similarly titled measures used by other companies.
Non-GAAP EPS
Non-GAAP EPS, which the Company presents as a non-GAAP measure of its performance, is defined as net income attributable to Clean Energy Fuels Corp., plus stock-based compensation expense, plus (minus) loss (income) from equity method investments, the total of which is divided by the Company’s weighted-average shares outstanding on a diluted basis. The Company’s management believes excluding non-cash expenses related to stock-based compensation provides useful information to investors regarding the Company’s performance because of the varying available valuation methodologies, the volatility of the expense (which depends on market forces outside of management’s control), the subjectivity of the assumptions and the variety of award types that a company can use under the relevant accounting guidance, which may obscure trends in a company’s core operating performance. Similarly, the Company's management believes that excluding the non-cash results from equity method investments is useful to investors because the charges are not part of or representative of the core operations of the Company.
The table below shows GAAP and non-GAAP EPS and also reconciles GAAP net income attributable to Clean Energy Fuels Corp. to an adjusted net income figure used in the calculation of non-GAAP EPS:
Three Months Ended
March 31,
(in thousands, except share and per-share amounts) 2017 2018
Net Income Attributable to Clean Energy Fuels Corp. $ 61,059 $ 12,222
Stock-Based Compensation 1,910 1,898
Loss from equity method investments 36 1,468
Adjusted Net Income $ 63,005 $ 15,588
Diluted Weighted-Average Common Shares Outstanding 152,972,153 156,643,092
GAAP Income Per Share $ 0.40 $ 0.08
Non-GAAP Income Per Share $ 0.41 $ 0.10
Adjusted EBITDA
Adjusted EBITDA, which the Company presents as a non-GAAP measure of its performance, is defined as net income attributable to Clean Energy Fuels Corp., plus (minus) income tax expense (benefit), plus interest expense, minus interest income, plus depreciation and amortization expense, plus stock-based compensation expense, and plus (minus) loss (income) from equity method investments. The Company’s management believes Adjusted EBITDA provides useful information to investors regarding the Company’s performance for the same reasons discussed above with respect to non-GAAP EPS. In addition, management internally uses Adjusted EBITDA to determine elements of executive and employee compensation.
The table below shows Adjusted EBITDA and also reconciles this figure to GAAP net income attributable to Clean Energy Fuels Corp.:
Three Months Ended
March 31,
(in thousands) 2017 2018
Net Income Attributable to Clean Energy Fuels Corp. $ 61,059 $ 12,222
Income Tax Expense (Benefit) (2,263 ) 88
Interest Expense 4,911 4,503
Interest Income (192 ) (575 )
Depreciation and Amortization 15,317 12,801
Stock-Based Compensation 1,910 1,898
Loss from equity method investments 36 1,468
Adjusted EBITDA $ 80,778 $ 32,405
Definition of "Gallons Delivered"
The Company defines “gallons delivered” as its gallons of renewable natural gas ("RNG"), compressed natural gas ("CNG") and liquefied natural gas ("LNG"), along with its gallons associated with providing operations and maintenance services, in each case delivered to its customers in the applicable period, plus the Company's proportionate share of gallons delivered by joint ventures in the applicable period.
The table below shows gallons delivered for the three months ended March 31, 2017 and 2018:
Three Months Ended
March 31,
Gallons Delivered (in millions) 2017 2018
CNG 68.5 70.8
RNG (1) 0.6 —
LNG 16.0 14.3
Total 85.1 85.1
(1) Represents RNG sold as non-vehicle fuel,. RNG sold as vehicle fuel is sold under the brand name Redeem™, and is included in this table in the CNG or LNG amounts as applicable based on the form in which it was sold.
Sources of Revenue
The following table represents our sources of revenue for the three months ended March 31, 2017 and 2018:
Three Months Ended
March 31,
Revenue (in Millions) 2017 2018
Volume-Related (1)
$ 73.6 $ 67.2
Compressor Sales 6.5 —
Station Construction Sales 9.3 5.8
AFTC — 25.5
Other 0.1 3.9
Total $ 89.5 $ 102.4
(1) Volume-related revenue primarily consists of sales of CNG, LNG and RNG fuel, performance of operations and maintenance services, and sales of certain tradable credits the Company generates by selling CNG, LNG and its Redeem™ RNG vehicle fuel.
Today’s Conference Call
The Company will host an investor conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific). Investors interested in participating in the live call can dial 1.877.407.4018 from the U.S. and international callers can dial 1.201.689.8471. A telephone replay will be available approximately two hours after the call concludes through Sunday, June 10, 2018, by dialing 1.844.512.2921 from the U.S., or 1.412.317.6671 from international locations, and entering Replay Pin Number 13678852. There also will be a simultaneous live webcast available on the Investor Relations section of the Company’s web site at www.cleanenergyfuels.com, which will be available for replay for 30 days.
About Clean Energy Fuels
Clean Energy Fuels Corp. is the leading provider of natural gas fuel for transportation in North America. We build and operate CNG and LNG vehicle fueling stations; manufacture CNG and LNG equipment and technologies; and deliver more CNG and LNG vehicle fuel than any other company in the United States. Clean Energy also sells Redeem™ RNG fuel and believes it is the cleanest transportation fuel commercially available, reducing greenhouse gas emissions by up to 70%. For more information, visit www.cleanenergyfuels.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements about, among other things, the Company's expectations regarding volume growth and other aspects of its performance in 2018; the level of acceptance of the Company’s products and services, including in the market opportunity and perceptions of the Company’s solutions; the impact on the Company’s performance and financial condition of various actions taken in recent periods to implement certain of its strategic plans; the market’s perception of these actions and strategic plans; and the Company’s overall financial and strategic position.
Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company’s future performance, and they are based on the Company’s current assumptions, expectations and beliefs concerning future developments and their potential effect on the Company and its business. As a result, actual results, performance or achievements and the timing of events could differ materially from those anticipated in or implied by these forward-looking statements as a result of many factors including, among others: future supply, demand, use and prices of crude oil, gasoline, diesel, natural gas, other vehicle fuels, and heavy-duty trucks and other vehicles and engines powered by these fuels, including overall levels of and volatility in these factors; the willingness of fleets and other consumers to adopt natural gas as a vehicle fuel, and the rate of any such adoption; the Company’s ability to capture a substantial share of the market for alternative vehicle fuels and vehicle fuels generally and otherwise compete successfully in these markets, including in the event of advances or improvements in non-natural gas vehicle fuels or engines powered by these fuels or other competitive developments and particularly in light of increasing competition from new entrants in these markets, expanded programs by existing competitors, or other factors; the Company’s ability to accurately predict natural gas vehicle fuel demand in the geographic and customer markets in which it operates and effectively calibrate its strategies, timing and levels of investments to be consistent with this demand; the Company’s ability to recognize the anticipated benefits of its CNG and LNG station network; future availability of capital, including equity or debt financing, as needed to fund the growth of the Company’s business, repayment of its debt obligations (whether at or before their due dates) or other expenditures; the availability of environmental, tax and other government regulations, programs and incentives, such as AFTC, that promote natural gas or other alternatives as a vehicle fuel, including long-standing support for gasoline- and diesel-powered vehicles and growing support for electric and hydrogen-powered vehicles that could result in programs or incentives that favor of these vehicles or vehicle fuels over natural gas; changes to federal, state or local greenhouse gas emissions regulations or other environmental regulations applicable to natural gas production, transportation or use; compliance with other applicable government regulations; the Company’s ability to manage and grow its RNG business after the sale of the upstream production portion of this business, including its ability to continue to receive revenue from sales of certain tradable credits the Company generates by selling conventional and renewable natural gas as vehicle fuel; construction, permitting and other factors that could cause delays or other problems at station construction projects; the Company’s ability to realize the intended benefits of any mergers, acquisitions, divestitures, investments or other strategic measures, transactions or relationships; and general political, regulatory, economic and market conditions.
The forward-looking statements made in this press release speak only as of the date of this press release and the Company undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. The Company’s Quarterly Report on Form 10-Q, filed on May 10, 2018 with the Securities and Exchange Commission (www.sec.gov), contains additional information on these and other risk factors that may cause actual results to differ materially from the forward-looking statements contained in this press release.
Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except share data, Unaudited)
December 31,
2017 March 31,
2018
Assets
Current assets:
Cash, cash equivalents and restricted cash $ 37,208 $ 47,096
Short-term investments 141,462 128,129
Accounts receivable, net of allowance for doubtful accounts of $1,276 and $1,353 as of December 31, 2017 and March 31, 2018, respectively 63,961 65,687
Other receivables 19,235 53,661
Inventory 35,238 37,792
Prepaid expenses and other current assets 7,793 9,425
Total current assets 304,897 341,790
Land, property and equipment, net 367,305 363,903
Notes receivable and other long-term assets, net 21,397 16,590
Investments in other entities 30,395 28,927
Goodwill 64,328 64,328
Intangible assets, net 3,590 3,217
Total assets $ 791,912 $ 818,755
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of debt and capital lease obligations $ 139,699 $ 140,735
Accounts payable 17,901 20,266
Accrued liabilities 42,268 45,390
Deferred revenue 3,432 9,671
Total current liabilities 203,300 216,062
Long-term portion of debt and capital lease obligations 120,388 125,491
Other long-term liabilities 18,566 16,381
Total liabilities 342,254 357,934
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value. Authorized 1,000,000 shares; issued and outstanding no shares — —
Common stock, $0.0001 par value. Authorized 224,000,000 shares; issued and outstanding 151,650,969 shares and 152,514,550 shares at December 31, 2017 and March 31, 2018, respectively 15 15
Additional paid-in capital 1,111,432 1,113,440
Accumulated deficit (683,570 ) (672,641 )
Accumulated other comprehensive loss (887 ) (912 )
Total Clean Energy Fuels Corp. stockholders’ equity 426,990 439,902
Noncontrolling interest in subsidiary 22,668 20,919
Total stockholders’ equity 449,658 460,821
Total liabilities and stockholders’ equity $ 791,912 $ 818,755
Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data, Unaudited)
Three Months Ended
March 31,
2017 2018
Revenue:
Product revenue $ 76,229 $ 92,251
Service revenue 13,262 10,152
Total revenue 89,491 102,403
Operating expenses:
Cost of sales (exclusive of depreciation and amortization shown separately below):
Product cost of sales 54,597 50,199
Service cost of sales 6,264 4,597
Selling, general and administrative 23,773 18,837
Depreciation and amortization 15,317 12,801
Total operating expenses 99,951 86,434
Operating income (loss) (10,460 ) 15,969
Interest expense (4,911 ) (4,503 )
Interest income 192 575
Other income (expense), net (167 ) (12 )
Loss from equity method investments (36 ) (1,468 )
Gain from extinguishment of debt 3,195 —
Gain from sale of certain assets of subsidiary 70,648 —
Income before income taxes 58,461 10,561
Income tax benefit (expense) 2,263 (88 )
Net income 60,724 10,473
Loss attributable to noncontrolling interest 335 1,749
Net income attributable to Clean Energy Fuels Corp. $ 61,059 $ 12,222
Income per share:
Basic $ 0.41 $ 0.08
Diluted $ 0.40 $ 0.08
Weighted-average common shares outstanding:
Basic 148,847,503 152,194,695
Diluted 152,972,153 156,643,092
View source version on businesswire.com: https://www.businesswire.com/news/home/20180510005261/en/
Source: Clean Energy Fuels Corp.
Clean Energy Fuels Corp.
Investor Contact:
investors@cleanenergyfuels.com
or
News Media Contact:
Raleigh Gerber, 949.437.1397
Manager of Corporate Communications
•Clean Energy Fuels (NASDAQ:CLNE): Q1 EPS of $0.10 beats by $0.03.
•Revenue of $102.4M (+14.4% Y/Y) beats by $0.3M.
Next earnings will be a lot fun..
You're welcome pack! I am with you man.. The right time is now..
The good thing about CLNE going down all the way from its high to this level is that I am able to accumulate more share on less money.. I am sure you did too.. With improving balance sheet along with this TOT's deal CLNE is about to become a profitable company..
Anyone know if the $ deal from TOT will be included in the earnings later today? It will be interesting to hear what Andy have to say in CC..
Clean Energy Fuels Corp. Stock Jumped 23% on a Huge Deal with Total: What Investors Should Know
Jason Hall, The Motley Fool
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Motley Fool•May 10, 2018
What happened
Shares of Clean Energy Fuels Corp. (NASDAQ: CLNE) surged as much as 22.7% today, before losing a little steam in afternoon trading. As of 12:20 p.m. EDT, shares were up 13.6% in very heavy trading. At this writing, more than 5 million shares have traded hands, about five times the average volume for the company's stock.
Today's big jump isn't from the company's earnings, which will be released later today after market close, but due to a surprise announcement that global oil and gas giant Total S.A. (ADR) (NYSE: TOT) has agreed to take a 25% stake in Clean Energy, with a deal to buy 50.8 million shares for $83.4 million.
So what
In addition to an investment that would make Total the largest shareholder of Clean Energy stock, it is also partnering with the company to launch a leasing program to help accelerate adoption of heavy-duty natural gas vehicles. As part of this program, Total would provide up to $100 million of credit to fund leases.
Now what
This is a pretty big deal for Clean Energy and for its shareholders, even at the cost of significant dilution. The $83 million in cash that Clean Energy will receive would effectively position the company with more cash than debt, not only ensuring that the business has a substantial margin of safety, but also coming very close to a guarantee that it will be able to generate positive cash flows from its operations in 2018.
Furthermore, having a strong financial partner in Total to help it drive adoption of heavy-duty natural gas vehicles at this time could be a huge win. Prices of oil (and therefore diesel) have been steadily climbing over the past year, and the highly anticipated near-zero-emissions natural gas engine from Cummins (NYSE: CMI) and Westport Fuel Systems (NASDAQ: WPRT) is now being shipped to customers.
It may be premature to call this a game-changer for Clean Energy Fuels. But I don't think it's too big of a stretch to use that term. Stay tuned for more when the company reports first-quarter earnings later today.
Jason Hall owns shares of Clean Energy Fuels and Westport Fuel Systems Inc and has the following options: long June 2018 $2 calls on Clean Energy Fuels. The Motley Fool owns shares of and recommends Clean Energy Fuels and Cummins. The Motley Fool has a disclosure policy.