Renewable Energy Group moves to USD 14.4m net profit in Q2 2012

Aug 15, 2012 - US biodiesel producer Renewable Energy Group Inc (NASDAQ:REGI), or REG, on Tuesday posted net profit of USD 14.4 million (EUR 11.7m) form the second quarter of 2012, versus a net loss of USD 948,000 a year earlier.

Net profit attributable to common stockholders was USD 11.3 million, or USD 0.39 per share, against a net loss of USD 10.3 million, or USD 0.78, in the second quarter of 2011.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) edged up 3% to USD 26.5 million as lower biodiesel gross margins offset strong growth in volumes. Operating profit was down 12% at USD 19.9 million.

Revenues rose 39% to USD 271.9 million, driven by higher biodiesel sales and held back by lower prices per gallon. In the three months through June, REG sold 54 million gallons (204.4 million litres), a rise of 63% on the year, mainly as a result of an increase in operational production capacity and in biodiesel demand. Gallons produced were up 30% to 43 million.

At the end of the quarter the company had USD 87.1 million of cash, up from USD 75.2 million at the end of March

(USD 1.0 = EUR 0.811)

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