Pacific Ethanol Sees Profit

Shares rise despite a filing delay.
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Pacific Ethanol (PEIX) - Get Report rose 4% after the company guided to a surprise third-quarter profit.

But the grain distiller delayed its detailed third-quarter earnings report, which had been scheduled for this week, saying it needs additional time to complete the financial disclosures in its quarterly report with regulators.

"As our company has grown larger and more complex, our financial reporting capabilities have strained to keep pace," the Fresno, Calif., company said. "This situation is not acceptable. Management is focused on the problem and is committed to ensuring that the company meets required reporting in a timely fashion in future periods."

On the plus side, Pacific Ethanol said that "results for the third quarter showed strong growth. During the quarter, the company achieved record revenue, record gallon volumes and expects to report profitability for the first time."

Analysts surveyed by Thomson Financial were looking for a 3-cent-a-share loss.

Shares rose 75 cents to $18.09.