Renewable Energy Group, Inc. (NASDAQ:REGI) today announced its financial results for the quarter ended September 30, 2012.
“Our revenues continued to increase, our gallons sold were up 40% compared to third quarter 2011, we acquired additional production capacity at an attractive price, and we expanded distribution.”
Revenues for the third quarter were $322.9 million, an increase of 26% compared to revenues of $256.5 million for the same period in 2011. Third quarter 2012 adjusted EBITDA was a loss of $2.3 million, a decrease of 105% compared to $46.7 million for the same period in 2011. The balance sheet remained strong with cash of $88.3 million at the close of the quarter, compared to $87.1 million at June 30, 2012.
“REG achieved meaningful success in the quarter, even with the adjusted EBITDA loss that was caused by accounting for risk management positions and RIN price declines,” said Daniel J. Oh, President and Chief Executive Officer of REG. “Our revenues continued to increase, our gallons sold were up 40% compared to third quarter 2011, we acquired additional production capacity at an attractive price, and we expanded distribution.”
Oh continued, “We remain optimistic about the growing biodiesel industry and are especially pleased with EPA’s formalized 2013 Renewable Volume Obligation (RVO). With an RVO that is 28% above this year’s, the industry demand outlook is solid. Our acquisition of the New Boston, Texas facility is evidence of our long-term confidence and our commitment to remain a leader in the industry.”
Source: Business Wire