Renewable Energy Group, Inc. (NASDAQ:REGI) today announced its financial results for the quarter and full year ended December 31, 2012.
Revenues for the fourth quarter were $232 million, a decline of 13% compared to revenues of $267 million for the same period in 2011. Fourth quarter 2012 adjusted EBITDA was $13.6 million, a decrease of 54% compared to $29.5 million for the same period in 2011. Fourth quarter 2012 adjusted EBITDA includes an allocation of part of the $58 million benefit that will be received from the January 3, 2013 retroactive reinstatement of the federal blenders tax credit. The balance sheet remained strong with cash of $66.8 million, and the company improved its financial position by retiring $34.5 million of Seneca plant debt. Total debt was reduced to $37 million from the third quarter 2012 balance of $76.4 million.
Revenues for the full year 2012 were $1.02 billion, an increase of 23% compared to $824 million for the full year 2011. Full year 2012 adjusted EBITDA was $96.5 million, a decrease of 10% compared to $107.3 million for the full year 2011.
“2012 was an excellent year for REG and positions us well for 2013,” said Daniel J. Oh, President and Chief Executive Officer. “In addition to generating $1 billion in revenue, we met the strategic commitments we made at the start of the year to expand our production network, upgrade existing facilities, and extend our distribution network to both coasts of the country.”“We strengthened our financial position both through the IPO and substantial cash flow generation. This enabled us to increase our cash balance while continuing to invest in plant modernization and pay down debt,” continued Oh. “We enter 2013 as one of the stronger players in the biodiesel industry. Both the 2013 RVO and the extension of the blenders tax credit lead us to anticipate industry growth of nearly 30% this year. We intend to protect our market share and capture a portion of this growth.”
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