Pacific Ethanol sees record-breaking results for Q2 with profit up 591%
In California, Pacific Ethanol reported a 591% increase in its Q2 profits of $4.70 million, up from just $680,000 during the same period last year. Revenue also rose 85.8% to a record $422.86 million thanks to record gallons sold from the company’s increased production capacity from the company’s Midwest assets and higher third party sales, slightly offset by a lower sales price per gallon.
Neil Koehler, the company’s president and CEO, stated: “Industry fundamentals have improved since the first quarter of 2016, and our company was well positioned to deliver strong operating results. Our success in improving plant performance across the fleet and realizing significant synergies from our acquisition of our Midwest assets allowed us to generate significant operating income within the stronger market environment. Our scale and diverse base of production and marketing assets provide us with a unique platform to profitably build our share of the renewable fuel and co-product markets. We continue to focus on optimizing our production assets, lowering the carbon intensity of ethanol we produce and reducing our cost of capital to create value for our customers and shareholders.”
Category: Fuels
