Newport Beach-based Clean Energy Fuels Corp. in the fourth quarter recorded a steep sales drop and wider losses.
The nation’s largest builder and operator of natural gas stations posted revenue of $89.3 million, down 12.3% from the same period a year ago. It reported an operating loss of 18 cents a share or $9.8 million, compared to operating income of two cents a share or $17.9 million year-over-year—one of the only quarterly profits the company has posted.
Clean Energy Fuels delivered 86.4 million gallons of liquefied and compressed natural gas in the fourth quarter, up from 84.1 million gallons in the same period last year.
Revenue for the year fell to $341.6 million, down 15.2% from 2016. It recorded an operating loss overall of 47 cents a share, but only $100,000 for the year, when accounting for gains from an asset sale to BP Products North America Inc.
The results, released after the close of trading Tuesday, sent shares down nearly 9% in afterhours trading yesterday and early today but shares have recovered in midday trading and are off about 1% to a $222 million market cap.