Pacific Ethanol swings to USD-15m net loss in Q3 2015
US biofuel producer Pacific Ethanol Inc (NASDAQ:PEIX) on Wednesday posted a net loss of USD 15 million (EUR 13.8m) for the third quarter of 2015, against a profit of USD 3.7 million a year earlier.
Loss per diluted share was USD 0.36, or USD 0.18 on adjusted basis, compared to earnings of USD 0.15, or USD 0.33 when adjusted, in the third quarter of 2014.
The results were impacted by the lower production margin environment and one-time costs related to the company's acquisition of Aventine Renewable Energy, said president and chief executive Neil Koehler.
Pacific Ethanol slipped to an operating loss in the quarter of USD 14.8 million from a profit of USD 13.6 million in the same period last year, in spite of a 38% gain in net sales to USD 380.6 million.
For the first nine months of the year, the company recorded a net loss of USD 19 million, versus a profit of USD 7.8 million in the year-ago period. Net sales declined to USD 814.4 million from USD 851.3 million.