In Iowa, Renewable Energy Group announced 2011 operating income of $93 million, or net earnings of $3.14 per share, for 2011, on revenues of $824 million. Both are records for the company, and compare to compared to an $8 million loss on $216 million in revenues in 2010.
REG sold 150 million gallons of biodiesel in 2011, an increase of 121% compared to 2010. The increase in gallons sold was primarily due to an increase in biodiesel demand compared to 2010 as petroleum-fuel refiners and importers sought to meet their renewable volume obligations to purchase biomass-based diesel under the Renewable Fuel Standard 2 (“RFS2″) law, which went into effect in mid-2010.
Revenue for the fourth quarter of 2011 was $266.8 million, a 284% increase compared to Q4 2010, due to improved per-gallon pricing and an increase in gallons sold over the previous period. During the quarter, the average B100 price per gallon sold by REG was $5.20, an increase of 41% from Q4 2010.
More background on the story from the Digest
Category: Producer News