Clean Energy Fuels Corp. in Newport Beach reported higher revenue on more fuel deliveries in the first quarter; it remained open as an essential service during the pandemic lockdown.
The company provides natural gas to vehicle fleets and said it supplied 99.3 million gallons in the three months ended March 31, up 4% from the same period in 2019. Revenue year-over-year rose 10.7% to $86 million, including $5.4 million from U.S. federal excise tax credits for alternative fuels.
Effects of the coronavirus produced declines “in certain market sectors due to lower activity, such as around airports and transit authorities,” said Andrew Littlefair, president and CEO, in a statement. Numbers were better in garbage collection and over-the-road trucking.
Clean Energy shares (NASDAQ: CLNE), rose 3.5% on the day to $2.08 apiece for a market cap of $423.7 million.