REG reports $546M revenues on 183M gallons of fuel sold

In Iowa, Renewable Energy Group, Inc. reported revenues for the second quarter 2020 were $546 million on 183 million gallons of fuel sold. Net income from continuing operations available to common stockholders was $1 million in the second quarter of 2020, compared to a net loss of $58 million in the second quarter of 2019.

REG also reported an Adjusted EBITDA of $8 million ($99 million for the first half), and carbon reduction from REG produced fuels of over one million metric tons.

The net loss in the second quarter of 2019 does not include the Biodiesel Mixture Excise Tax Credit (“BTC”) allocation, which was retroactively reinstated in December 2019. Adjusted EBITDA in the second quarter was $8 million, compared to $36 million in the second quarter of 2019 including the allocation of the BTC.

“With $99 million of Adjusted EBITDA, our financial performance for the first half of 2020 was relatively strong despite the oil price war, the impact of the historic pandemic and resulting volatile energy market,” said Cynthia (CJ) Warner, President and Chief Executive Officer. “We continued our focus on optimizing the underlying operational performance of our business while maintaining the health and safety of our employees.”

Warner continued, “With the impacts of the pandemic on our business beginning to subside, the feedstock complex and energy markets improved since late April, as represented by improved margins. In spite of the significant April and May headwinds, we are pleased with what we were able to deliver in the first half of 2020, and intend to build on those results.”