Advanced Biofuels Booming Says Renewable Energy CEO

Shares of Renewable Energy Group are up one percent year-to-date, but have soared 34 percent since their late January low.
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Shares of Renewable Energy Group (REGI) - Get Report are up one percent year-to-date, but have soared 34 percent since their late January low. The biofuel-maker's CEO Daniel Oh said there is more to the stock's resurgence than a spike in the price of crude oil. 'Biofuels are not as tightly tied to oil as people think because biofuels deliver climate benefits with their own cash value,' said Oh. In the first quarter of 2016, Renewable Energy posted revenue of $305.6 million on 98 million gallons of fuel sold. The company sold roughly 64 percent more gallons of fuel than the previous year resulting in an increase in revenue of 32 percent. Oh added that the regulatory conditions that have been challenging the industry are now more stable and 'all the Presidential candidates are highly supportive of advanced biofuels'. Oh said the company's European business is improving. Renewable's German subsidiary Petrotec sold 10 million gallons of biofuel and contributed $1.4 million in adjusted EBITDA during the first quarter. TheStreet's Gregg Greenberg has details from Wall Street.