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Distribution expanded with new wholesale terminal locations in New Mexico, Ohio and California
AMES, Iowa, Aug. 14, 2012 (GLOBE NEWSWIRE) -- Renewable Energy Group, Inc. (Nasdaq:REGI) today announced its financial results for the quarter ended June 30, 2012.
Revenue for the second quarter was $271.9 million, an increase of 39% compared to revenues of $196.3 million for the same period in 2011. Second quarter 2012 adjusted EBITDA was $26.5 million, an increase of 3% compared to $25.8 million for the same period in 2011. The balance sheet remained strong with cash of $87.1 million at the close of the quarter, compared to $75.2 million at March 31, 2012.
"As expected, our growth continued in our second quarter of 2012," said Daniel J. Oh, President and Chief Executive Officer of REG. "Our gallons sold rose significantly, as did revenue. We expanded our distribution capabilities, and progressed in planned upgrades to our fleet of biorefineries. We are optimistic about our strategic position, as we continue to execute our strategy of feedstock diversity and expand our domestic distribution footprint."
REG produced 43 million gallons of biodiesel in the second quarter of 2012, compared to 33 million gallons in the same period in 2011. REG sold 54 million gallons of biodiesel in the second quarter, an increase of 63% compared to the same period in 2011, excluding tolled gallons. The year over year increase in gallons sold was primarily due to increased production capacity online and an increase in biodiesel demand compared to the same period in 2011 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") program. RFS2 specifies the consumption of 1 billion gallons of biodiesel in 2012, compared to 800 million in 2011.