Renewable Energy Group returns to profit in Q3 2013

Nov 6, 2013 - US Renewable Energy Group Inc (NASDAQ:REGI), or REG, said on Tuesday it had swung to a third-quarter attributable net profit of USD 78.5 million (EUR 58m) after a loss of USD 6.9 million a year earlier.

As a result, the biodiesel producer earned USD 2.31 per diluted share as compared to a loss per share of USD 0.24 the same period of 2012. The improvement was the result of a tax benefit of USD 42.1 million.

REG registered an operating profit of USD 45.2 million versus a loss of USD 7.1 million a year back. Adjusted to include retroactive blenders tax credit, its earnings before interest, tax, depreciation and amortisation (EBITDA) jumped to USD 48.9 million from USD 16.6 million.

The firm managed to boost its July-September revenues by 42% year-on-year to USD 458.4 million thanks to growing demand and the extension of the federal blenders tax credit for biodiesel at the beginning of this year. Its biodiesel output in the three months stood at 57 million gallons, marking an increase of 25% in annual terms. The company sold record-high 77.6 million gallons of biodiesel, 26% more than in the third quarter of 2012.

For the first nine month of 2013 REG booked a net profit of USD 133.9 million, improving from USD 44.5 million a year before. Revenues were up to USD 1.1 billion from USD 782.9 million.

(USD 1.0 = EUR 0.741)

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