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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