Renewable Energy Group’s revenues, earnings soar in Q1 2012

May 10, 2012 |

In Iowa, Renewable Energy Group announced Q1 revenues were $188.2 million, an increase of 80% over Q1 2011. Adjusted EBITDA was $12.7 million, up 140% compared to $5.3 million for the same period in 2011. The balance sheet remained strong with cash of $75.2 million at the close of the quarter, compared to $33.6 million at December 31, 2011. REG produced 39 million gallons of biodiesel in the first quarter of 2012, compared to 20 million gallons in the same period in 2011.

“During our first quarter as a publicly traded company, Renewable Energy Group again demonstrated why we are a leader in the advanced biofuel industry,” said Daniel J. Oh, President and Chief Executive Officer of REG. “We grew our biodiesel volumes and revenue substantially, raised capital with a successful IPO, and made solid progress toward upgrades and technology advancements at our biorefineries. With strong demand due to RFS2, and a fleet of biorefineries able to flexibly arbitrage lower cost feedstocks, we believe we are well-positioned to profitably grow our business in 2012 and beyond.”

With proceeds from its IPO, REG purchased the previously-leased facility in Seneca, Illinois and completed construction of a third production line at the facility. REG Seneca now has nameplate capacity of 60 million gallons per year operating online. REG also initiated the planned upgrade of its 30 million gallon per year biorefinery in Albert Lea, Minnesota. REG Albert Lea will be modified to process a wider range of lower cost feedstocks.

Category: Fuels

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