Transit Fleets Make the Switch to Low-carbon RNG Fuel Inking Deals With Clean Energy
'These new deals represent a clear trend: cities and transit fleet operators are choosing RNG to meet sustainability goals, avoid the high costs and infrastructure barriers of other alternatives and make an immediate environmental impact.'
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'Cities and transit agencies looking to make the air more breathable and address their carbon footprint need reliable, cost-effective solutions that can be deployed now - not years down the line,' said Chad Lindholm, senior vice president at Clean Energy. 'These new deals represent a clear trend: cities and transit fleet operators are choosing RNG to meet sustainability goals, avoid the high costs and infrastructure barriers of other alternatives and make an immediate environmental impact.'
The lead transportation agency for LA County, Los Angeles County Metropolitan Transportation Authority (Metro), has signed a new maintenance agreement for several fueling locations with Clean Energy. The stations will fuel over 940 natural gas buses and will supply 11.5 million gallons annually. Metro is one of Clean Energy's largest RNG users in California and carries nearly 1 million commuters daily on a fleet of low-emission buses.
In a competitive bid, Clean Energy was awarded an RNG supply deal with Interurban Transit Partnership (The Rapid) transit agency in Grand Rapids, Michigan. The Rapid currently has 100 natural gas buses in its fleet with a commitment to growing that number in the next five years. The deal is anticipated to supply 1.1 million gallons of RNG annually and Clean Energy will also provide operation and maintenance services for their fueling sites.
Trinity Metro, the public transportation provider for Fort Worth and surrounding cities in Tarrant County, TX, has inked an RNG supply agreement with Clean Energy to fuel 190 of its buses. In a competitive bid, Clean Energy was selected as the winning provider, extending its existing maintenance relationship with Trinity Metro to include RNG supply. The deal will provide approximately 2.1 million gallons of clean-burning RNG for its bus fleet.
The Birmingham Jefferson County Transit Authority (BJCTA) in Alabama has signed an RNG supply deal with Clean Energy to use an anticipated 950,000 gallons of fuel for 96 transit buses. Clean Energy also has a maintenance agreement with the agency to oversee their fueling site.
Clean Energy will build a new fueling station for Loudoun County in Virginia under a new agreement. This will help the county achieve its goal to grow its current natural gas bus fleet from 2 to 120 as they transition to cleaner alternative fuels like RNG. In addition to the new station, Clean Energy will be modifying existing bus maintenance facilities to accommodate the growth.
The city of El Paso, TX, has signed a fueling agreement with Clean Energy to supply three of its private fueling stations with RNG. The city's 300-strong fleet of natural gas buses and 21 refuse trucks are forecasted to use approximately 2.7 million gallons of RNG annually. In addition, Clean Energy will also upgrade one of their stations while providing operations and maintenance services to all three sites.
One of the largest transit agencies in Arizona, the City of Tucson, has signed a station maintenance agreement with Clean Energy to support 100 of its natural gas buses which consume over 2 million gallons of fuel annually.
Clean Energy is partnering with bus manufacturer, Gillig LLC, to supply and fill every new bus that is delivered to a customer with RNG. This deal is forecasted to provide Gillig with approximately 60,000 gallons annually.
Union City, CA, has inked a new RNG supply deal with Clean Energy to fuel its 15-vehicle fleet. The agreement will see an anticipated 250,000 gallons of fuel provided to the city.
Kings County Area Public Transit Agency (KART) in California has signed a deal with Clean Energy to upgrade their private station and supply RNG to 25 buses. Anticipated to use 220,000 gallons of RNG, KART has long been an advocate for using clean natural gas vehicles to serve the community and has continued to expand its RNG usage and fleet over the years.
About Clean Energy
Clean Energy Fuels Corp. is the country's largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas (RNG), a sustainable fuel derived by capturing methane from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada as well as RNG production facilities at dairy farms. Visit www.cleanenergyfuels.com and follow @ce_renewables on X and LinkedIn.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, including without limitation statements about: the amounts and timing of renewable natural gas expected to be produced or consumed; the timing and scope of construction, maintenance, and other projects; the numbers and timing of vehicles expected to be deployed, fueled, maintained, or financed; the characteristics and performance of natural gas engines and trucks; the potential development of the market for RNG; the environmental and other benefits of Clean Energy's fuels; the availability of environmental, tax and other government regulations, programs and incentives; and the impacts of legislative and regulatory developments. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. The forward-looking statements made herein speak only as of the date of this press release and, unless otherwise required by law, Clean Energy undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, the reports and other documents Clean Energy files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.
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In some cases, you can identify forward-looking statements by terminology such as, but not limited to, "may," "will," "should," "intend," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "goal," or "continue" or the negative of such terms or other comparable terminology. More information on these risks and other potential factors that could affect the Company's business and financial results is included in the Company's filings with the Securities and Exchange Commission, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. DXP ENTERPRISES, INC. AND SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS($ thousands, except share amounts) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Sales $ 498,682 $ 445,556 $ 975,251 $ 858,191 Cost of sales 340,869 307,763 667,173 596,516 Gross profit 157,813 137,793 308,078 261,675 Selling, general and administrative expenses 111,827 100,441 221,577 195,192 Income from operations 45,986 37,352 86,501 66,483 Interest expense 14,744 15,384 29,404 30,928 Other income, net (354 ) (1,035 ) (1,672 ) (3,004 ) Income before income taxes 31,596 23,003 58,769 38,559 Provision for income taxes 7,984 6,310 14,568 10,534 Net income 23,612 16,693 44,201 28,025 Preferred stock dividend 22 22 45 45 Net income attributable to common shareholders $ 23,590 $ 16,671 $ 44,156 $ 27,980 Net income $ 23,612 $ 16,693 $ 44,201 $ 28,025 Foreign currency translation adjustments 2,563 93 2,649 (521 ) Comprehensive income $ 26,175 $ 16,786 $ 46,850 $ 27,504 Earnings per share: Basic $ 1.50 $ 1.05 $ 2.81 $ 1.75 Diluted $ 1.43 $ 1.00 $ 2.67 $ 1.66 Weighted average common shares outstanding: Basic 15,694 15,868 15,696 15,998 Diluted 16,534 16,708 16,536 16,838 DXP ENTERPRISES, INC. AND SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS($ thousands, except share amounts) June 30, 2025 December 31, 2024 ASSETS Current assets: Cash $ 112,930 $ 148,320 Restricted cash — 91 Accounts receivable, net of allowance of $3,665 and $5,172, respectively 361,393 339,365 Inventories 110,758 103,113 Costs and estimated profits in excess of billings 57,260 50,735 Prepaid expenses and other current assets 41,320 20,250 Total current assets 683,661 661,874 Property and equipment, net 107,207 81,556 Goodwill 461,298 452,343 Other intangible assets, net 78,485 85,679 Operating lease right of use assets, net 60,835 46,569 Other long-term assets 20,908 21,473 Total assets $ 1,412,394 $ 1,349,494 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt $ 6,595 $ 6,595 Trade accounts payable 104,764 103,728 Accrued wages and benefits 37,449 41,650 Customer advances 16,018 13,655 Billings in excess of costs and estimated profits 22,906 12,662 Short-term operating lease liabilities 17,071 14,921 Other current liabilities 40,646 50,773 Total current liabilities 245,449 243,984 Long-term debt, net of unamortized debt issuance costs and discounts 620,239 621,684 Long-term operating lease liabilities 45,402 33,159 Other long-term liabilities 33,212 27,879 Total long-term liabilities 698,853 682,722 Total liabilities 944,302 926,706 Commitments and Contingencies Shareholders' equity: Series A preferred stock, $1.00 par value; 1,000,000 shares authorized 1 1 Series B preferred stock, $1.00 par value; 1,000,000 shares authorized 15 15 Common stock, $0.01 par value, 100,000,000 shares authorized; 20,401,857 issued and 15,694,084 outstanding at June 30, 2025 and 20,402,861 issued and 15,695,088 outstanding at December 31, 2024 204 204 Additional paid-in capital 217,982 219,511 Retained earnings 433,826 389,670 Accumulated other comprehensive loss (30,961 ) (33,610 ) Treasury stock, at cost 4,707,773 and 4,707,773 shares, respectively (152,975 ) (153,003 ) Total DXP Enterprises, Inc. equity 468,092 422,788 Total liabilities and equity $ 1,412,394 $ 1,349,494 SEGMENT DATA($ thousands, unaudited) Three Months Ended June 30, Six Months Ended June 30, Sales 2025 2024 2025 2024 Service Centers $ 339,731 $ 306,516 $ 666,806 $ 594,952 Innovative Pumping Solutions 93,540 73,377 179,722 135,592 Supply Chain Services 65,411 65,663 128,723 127,647 Total Sales $ 498,682 $ 445,556 $ 975,251 $ 858,191 Three Months Ended June 30, Six Months Ended June 30, Operating Income 2025 2024 2025 2024 Service Centers $ 50,171 $ 43,855 $ 97,215 $ 84,175 Innovative Pumping Solutions 18,642 13,366 32,049 20,336 Supply Chain Services 5,229 5,823 10,792 11,085 Total Segments Operating Income $ 74,042 $ 63,044 $ 140,056 $ 115,596 RECONCILIATION OF OPERATING INCOME FOR REPORTABLE SEGMENTS($ thousands, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Income from operations for reportable segments $ 74,042 $ 63,044 $ 140,056 $ 115,596 Adjustment for: Amortization of intangibles 5,327 4,719 10,684 9,088 Corporate expenses 22,729 20,973 42,871 40,025 Income from operations $ 45,986 $ 37,352 $ 86,501 $ 66,483 Interest expense 14,744 15,384 29,404 30,928 Other income, net (354 ) (1,035 ) (1,672 ) (3,004 ) Income before income taxes $ 31,596 $ 23,003 $ 58,769 $ 38,559 RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION($ thousands, unaudited) We define and calculate EBITDA as Net income attributable to DXP Enterprises, Inc., plus interest, taxes, depreciation, and amortization. We define and calculate Adjusted EBITDA as Net income attributable to DXP Enterprises, Inc., plus interest, taxes, depreciation, and amortization minus stock-based compensation expense and all other non-cash charges, adjustments, and non-recurring items. We identify the impact of all other non-cash charges, adjustments and non-recurring items because we believe these items do not directly reflect our underlying operations. We define and calculate EBITDA Margin as EBITDA divided by sales. We define and calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by sales. The following table sets forth the reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin to the most comparable U.S. GAAP financial measure (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Income before income taxes $ 31,596 $ 23,003 $ 58,769 $ 38,559 Plus: Interest expense 14,744 15,384 29,404 30,928 Plus: Depreciation and amortization 9,490 8,127 18,624 15,665 EBITDA $ 55,830 $ 46,514 $ 106,797 $ 85,152 Plus: other non-recurring items(1) — 500 235 1,342 Plus: stock compensation expense 1,483 1,212 2,800 2,076 Adjusted EBITDA $ 57,313 $ 48,226 $ 109,832 $ 88,570 Operating Income Margin 9.2 % 8.4 % 8.9 % 7.7 % Net Income Margin 4.7 % 3.7 % 4.5 % 3.3 % EBITDA Margin 11.2 % 10.4 % 11.0 % 9.9 % Adjusted EBITDA Margin 11.5 % 10.8 % 11.3 % 10.3 % (1) Other non-recurring items includes unique acquisition integration costs and other non-cash, non-recurring costs not related to continuing business operations. We define and calculate organic sales to include locations and acquisitions under our ownership for at least twelve months. "Acquisition Sales" are sales from acquisitions that have been under our ownership for less than twelve months and are excluded in our calculation of Organic Sales. "Business Days" are days of the week, excluding Saturdays, Sundays, and holidays, that our locations are open during the year. Depending on the location and the season, our branches may be open on Saturdays and Sundays; however, for consistency, those days have been excluded from the calculation of Business Days. We define and calculate Sales per Business Day as sales divided by the number of Business Days in the relevant reporting period. We define and calculate Organic Sales per Business Day as Organic Sales divided by the number of Business Days in the relevant reporting period. The following table sets forth the reconciliation of Acquisition Sales, Organic Sales and Organic Sales per Business Day to the most comparable U.S. GAAP financial measure (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Sales by Business Segment Service Centers $ 339,731 $ 306,516 $ 666,806 $ 594,952 Innovative Pumping Solutions 93,540 73,377 179,722 135,592 Supply Chain Services 65,411 65,663 128,723 127,647 Total DXP Sales $ 498,682 $ 445,556 $ 975,251 $ 858,191 Acquisition Sales $ 24,605 $ 23,403 $ 55,717 $ 35,178 Organic Sales $ 474,077 $ 422,153 $ 919,534 $ 823,013 Business Days 63 64 126 127 Sales per Business Day $ 7,916 $ 6,962 $ 7,740 $ 6,757 Organic Sales per Business Day $ 7,525 $ 6,596 $ 7,298 $ 6,480 We define and calculate free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. The following table sets forth the reconciliation of Free Cash Flow to the most comparable GAAP financial measure (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net cash from operating activities $ 18,646 $ 14,735 $ 21,619 $ 41,724 Less: purchases of property and equipment (10,346 ) (8,825 ) (30,260 ) (11,719 ) Free Cash Flow $ 8,300 $ 5,910 $ (8,641 ) $ 30,005 View source version on Contacts Kent YeeSenior Vice President,
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