Global Leader in International Renewable Industry News

posted in:

Renewable Energy Group reports third quarter 2012 financial results

Wednesday, Nov 07, 2012

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

posted in:

Other Renewable News

Trina Solar announces grid connection for 23.8 MW PV projects in UK 18-04-2014
Hannon Armstrong ("HASI") and Sol Systems collaborate to deploy up to $100 million of debt financing for distributed solar project developers in 2014 18-04-2014
EasySolar announces the all-in-one solar power solution 17-04-2014
Three International wind power exhibitions to take place in Shanghai in July 2014 17-04-2014
Bharat Light & Power selects OSIsoft PI System to support renewable energy growth in India 17-04-2014
JinkoSolar successfully connects two solar PV projects totaling 39MW to the grid in Jiangsu Province 17-04-2014
Yingli Green Energy signs cooperation agreement with Sailing Capital to jointly form a one billion RMB renewable energy fund 17-04-2014
IBERDROLA INGENIERÍA in Russia to construct the 1,020 MW substation for the Votkinskaya hydropower station 17-04-2014
Silver Fox® labels exhibit excellent results in latest long-term UV tests 16-04-2014
Introducing Trinity, a portable wind turbine power station for charging USB devices 16-04-2014