Clean Energy Fuels Corporation (CLNE) saw its loss narrow to $12.63 million, or $0.10 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $23.12 million, or $0.25 a share. On the other hand, adjusted net loss for the quarter narrowed to $10.58 million, or $0.08 a share from a loss of $20.81 million or $0.23 a share, a year ago.
Revenue during the quarter grew 5.16 percent to $97.02 million from $92.26 million in the previous year period. Gross margin for the quarter expanded 856 basis points over the previous year period to 36.24 percent. Operating margin for the quarter stood at negative 5.70 percent as compared to a negative 17.09 percent for the previous year period.
Operating loss for the quarter was $5.53 million, compared with an operating loss of $15.76 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $10.92 million compared with $3.10 million in the prior year period. At the same time, adjusted EBITDA margin improved 790 basis points in the quarter to 11.26 percent from 3.36 percent in the last year period.
Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated "I'm pleased with our third quarter financial results together with our growth in volumes and improved capital structure, particularly the dramatic reduction in our current debt balance. And we continue to see positive momentum in the use of natural gas and renewable natural gas as a vehicle fuel as demonstrated by multiple customer gains and expansions."
Working capital increases sharply
Clean Energy Fuels Corp has recorded an increase in the working capital over the last year. It stood at $178.89 million as at Sep. 30, 2016, up 145.69 percent or $106.08 million from $72.81 million on Sep. 30, 2015. Current ratio was at 2.97 as on Sep. 30, 2016, up from 1.30 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 77 days for the quarter from 102 days for the last year period. Days sales outstanding went down to 94 days for the quarter compared with 96 days for the same period last year.
Days inventory outstanding has decreased to 22 days for the quarter compared with 43 days for the previous year period. At the same time, days payable outstanding went up to 39 days for the quarter from 38 for the same period last year.
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