REG reports strongest Q1 ever, as shares jump to $9.91 on earnings announce
In Iowa, Renewable Energy Group reported Q1 2013 adjusted EBITDA of $22.0 million on adjusted revenues of $172.7 million — compared to adjusted EBITDA of $12.7 million for Q1 2012. REG sold 38.9 million gallons of biodiesel in the first quarter, an increase of 14% compared to the same period in 2012.
In operating highlights, the company reported that it added another northeast U.S. distribution point in Rochester, New York to meet extended winter heating oil blending demand, and remains on track to complete its lower cost feedstock upgrade at the Albert Lea, Minnesota facility in Q2. REG’s New Boston, Texas plant is serving as a terminal location while repair activity is underway with biodiesel production planned to begin in Q2. After the close of the quarter, the company signed a contract manufacturing agreement with Iowa Renewable Energy, LLC to use their 30 million gallon per year, multiple feedstock biorefinery in Washington, Iowa.
“This was our strongest first quarter ever for production and gallons sold,” said Daniel J. Oh, President and Chief Executive Officer. “Biodiesel demand is being driven by a number of positive factors including the 2013 RVO and biodiesel’s ability to meet certain advanced biofuel targets that are not being fulfilled by imported sugar cane ethanol.”
Category: Fuels
