The Renewable Energy Group (REG) revealed its fourth quarter and full 2018 results, which also included the announcement that the REG plans to sell its Life Sciences division.
“REG generated $139 million of Adjusted EBITDA in 2018, an outstanding result reflecting strong operational performance and a favorable margin environment,” said Cynthia Warner, REG president and CEO.
“In addition, we remain confident that Congress will reinstate the BTC for 2018 which we estimate would add approximately $237 million to our 2018 Adjusted EBITDA. We are excited about the growth opportunities that this level of profitability would permit.”
For the full year of 2018, revenues were $2.4 billion (€2.14 billion) for 649.2 million gallons sold. Net income was $292.3 million (€260.76 million), net income from continuing operations was $295.8 million and adjusted EBITDA was $138.9 million (€123.91 million).
In 2018, REG sold 62.5 million more gallons and revenue with an increase of 10.6% compared to 2017.
Concluding, the association also announced that it’s board of directors is pursuing a sale of its Life Sciences division. As a result, the fourth quarter results have been adjusted to exclude the discontinued unit.
REG also recognized a $11.2 million (€9.99 million) impairment charge related to this business unit in the fourth quarter of 2018.