Q3 2024 Clean Energy Fuels Corp Earnings Call Transcript
Key Points
- Clean Energy Fuels Corp (CLNE) reported a significant increase in adjusted EBITDA, reaching $21.3 million for Q3 2024 compared to $14.2 million in the same quarter last year.
- The company sold 60 million gallons of renewable natural gas (RNG) during the quarter, contributing to a revenue increase to $105 million from $96 million in Q3 2023.
- CLNE expanded its fueling network by almost 15% over the past year, with strategic station openings, including a new station for Amazon in New Jersey.
- The introduction of the Cummins X15 N engine is expected to drive additional fuel volumes at CLNE stations, with positive feedback from major fleets like JB Hunt and UPS.
- CLNE's partnership with Tourmaline in Canada is expanding, with new stations opening and plans for a natural gas fueling corridor, indicating strong growth potential in the Canadian market.
- The expiration of the Alternative Fuel Tax Credit at the end of 2024 creates uncertainty for CLNE's 2025 financial outlook, potentially impacting revenue by $22 million.
- Lower credit prices for the Low Carbon Fuel Standard (LCFS) in 2024 compared to 2023 have negatively affected revenues.
- The company's RNG production projects are still ramping up, with some projects not expected to produce until late 2025, impacting short-term profitability.
- CLNE faces regulatory uncertainties, particularly concerning the future of the LCFS program and federal tax credits, which could affect long-term strategic planning.
- Operational costs during the construction phase of the Idaho RNG project are higher than usual, impacting current financial performance.
(Operator Instructions)
Good day, everyone and welcome to today's Clean Energy Fuels third quarter, 2024 earnings conference call. (Operator Instructions) Please note this call may be recorded, and I will be standing by if you should need any assistance.
It is now my pleasure to turn the conference over to Mr. Robert Vreeland, Chief Financial Officer. Please go ahead, sir.
Thank you operator. Earlier this afternoon, clean energy released financial results for the third quarter ending September 30 2024.
If you did not receive the release, it is available on the investor relations section of the company's website at www dot clean energy fuels dotcom where the call is also being webcast. There will be a replay available on the website for 30 days before we begin. We'd like to remind you that some of the information contained in the news release. And on this conference call contains forward-looking statements that involve risk uncertainties and assumptions that are
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