March 14 (Renewables Now) - US ethanol producer Pacific Ethanol Inc (NASDAQ:PEIX) reported an expanded fourth-quarter loss of USD 32.3 million (EUR 28.6m) as production margins were driven to record lows by unfavourable market conditions, regulatory uncertainty and trade disputes.
“Margins have improved in the first quarter but have further to go to restore profitability,” said CEO Neil Koehler.
For the full 2018 the company recorded a loss available to common stockholders of USD 61.5 million, widening from USD 36.2 million a year ago. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were negative USD 5.1 million, versus a positive result of USD 13.6 million in 2017. Net sales were down by roughly 7% to USD 1.5 billion.
The company, which has plants with a combined production capacity of 605 million gallons per year, has initiated a strategic realignment of the business to improve liquidity and reduce our debt.
(USD 1 = EUR 0.88)