Major US biodiesel producer Renewable Energy Group has published its financial results for the second quarter 2018.
The figures cover the quarter ended 30 June, and they reveal a dramatic year on year improvement for the company.
Net income per diluted share was $33 million over the period, compared to a net loss of $34.8 million in the second quarter of 2017. Adjusted net income was $23.5 million compared to $4.5 million in the second quarter of 2017, excluding application of the 2017 BTC (Biodiesel Tax Credit).
"We produced outstanding results in the first half of the year, demonstrating our ability to execute across all aspects of our business," said Randy Howard, President and Chief Executive Officer.
"We tripled our Adjusted EBITDA for the first six months compared to last year, excluding allocation of the 2017 BTC, which is an accomplishment made even more impressive because our Geismar renewable diesel refinery was offline for three weeks due to planned maintenance. With Geismar back online and once again producing above nameplate capacity, combined with a solid margin environment, we look forward to a strong second half of the year."
According to a REG statement, the Company estimates that if the currently lapsed BTC is retroactively reinstated for 2018 on the same terms as in 2017, REG's net income, Adjusted net income and Adjusted EBITDA would each increase by approximately $66.2 million for business conducted in the quarter ended June 30, 2018 and, by approximately $108.7 million for business conducted in the first six months of 2018.
REG sold a total 171.9 million gallons of fuel, a 7.3% year on year increase. The average selling price per gallon was $3.11, an 8.7% increase excluding the allocation of the 2017 BTC.
Revenues were $580.2 million, an increase of 8.4% that according to REG was ‘primarily due to the increase in gallons sold and higher average selling price per gallon partially offset by lower revenue from sales of separated RINs. (Renewable Identification Numbers).
A full run down of REG’s results for the second quarter 2018 is available here.