Renewable Energy Group ®, Inc. (NASDAQ:REGI) today announced its financial results for the second quarter ended June 30, 2013.
REG ® sold 69.2 million gallons of biodiesel in the second quarter 2013, an increase of 28% compared to the second quarter of 2012. Revenues of $387.1 million increased 42% year over year. The Company achieved adjusted EBITDA of $41.6 million during the second quarter 2013.
“This was our strongest quarter ever for production and gallons sold,” said Daniel J. Oh, President and Chief Executive Officer. “Market demand for biodiesel remained strong due, in part, to demand for biomass-based diesel RINs. REG’s substantial revenue growth this quarter can also be attributed to manufacturing and operational improvement at our biorefineries and gallons produced via a tolling agreement.”
On July 29, 2013, REG’s acquisition of a 30-million gallon per year nameplate capacity biodiesel plant from Soy Energy, LLC was approved by Soy Energy unit holders. REG intends to quickly start repairs and begin production using soybean oil and lower free fatty acid feedstock as soon as possible. Also, during second quarter, major multifeedstock upgrades were completed at the Albert Lea, Minn. biorefinery and repairs, upgrades and start-up occurred at our New Boston, Texas biorefinery. Additionally, construction began on an Illinois River barge load-out at the Seneca, Ill. location.Oh added, “A key element of our strategy is to grow production capacity by acquiring economically-priced biodiesel plants, upgrading existing refinery technology to utilize lower cost raw materials, enhancing finished product margin opportunities and completing existing projects. Executing construction plans on-time and on-budget last quarter has further reinforced our strategy and our ability to execute it.” Operating Highlights The 69.2 million gallons of biodiesel sold in the quarter represents record volume for REG. As a reflection of implementing yield and throughput improvement programs across the company’s manufacturing sites, REG produced 56.5 million gallons of biodiesel during the quarter, which included 6.4 million toll manufactured gallons. This compares to 43.1 million gallons year-over-year.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV