Everybody loves gas Clean Energy Fuels provides natural gas to vehicle fleets in the U.S. and Canada. Some CAPS members believe Clean Energy Fuels will benefit from the trend of using natural gas as an alternative fuel and see it working its way into more vehicles. And it's likely to happen -- natural gas is getting more attention in Congress these days, with the NAT GAS Act and its counterpart bill in the Senate focused on natural gas vehicles. The bills propose tax credits for new cars, trucks, and filling stations that use natural gas. Although lower natural gas prices hurt Clean Energy Fuels' second-quarter revenue, the decline was offset by the lower cost of sales, which ultimately helped boost the company's gross margin from the year-ago period. Clean Energy Fuels experienced increasing volumes and margins compared with the previous quarter and year over year, and said it pulled in new contracts in several important markets.
During the quarter, Clean Energy Fuels acquired the natural-gas vehicles operation of Exterran Energy Solutions, adding four large transit fleets to its customer list. The new customers have about 15,000 buses in major U.S. markets and use about 25 million gallons per year. Investors are also bullish on the company's expansion -- it has about 25 projects (mostly fueling stations) under construction and about 80 projects in its backlog, about double what it had last year. The company is focusing on volume growth to further drive business. In CAPS, 97% of the 860 members rating Clean Energy Fuels expect it to beat the market.
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