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Renewable Energy Group Reports Third Quarter 2012 Financial Results

The table below summarizes REG’s results for Q3 2012:

 
REG Q3 2012 Revenue and Adjusted EBITDA Summary
(dollars and gallons in thousands)
           

Q3 2012

Q3 2011

Change

 
Gallons sold 61,699 44,217 +40%
 
Revenues

$322,912

$256,502

+26%

 
Cash flow from Operations $6,168 $16,034 -62%
 
 
Adjusted EBITDA ($2,288) $46,714 -105%
 
Adjusted EBITDA Margin     -0.7%     18.2%      
 

Balance Sheet and Liquidity

At September 30, 2012, REG had cash and cash equivalents of $88.3 million. Operating cash flow for the quarter was negatively impacted by a $10.6 million increase in accounts receivable and an $8.9 million reduction in accounts payable. Accounts receivable grew due to increasing sales volume during the quarter. The negative impacts were more than offset by a $19.3 million reduction in inventories. The inventory decline was balanced between a reduction in raw materials as REG drew down feedstock purchased in earlier periods at favorable prices and a reduction in finished goods.

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