US low-carbon renewable fuels producer Pacific Ethanol has reported its financial results for the third quarter of 2019, with president and CEO Neil Koehler hopeful for increased ethanol demand in the near future.
Net sales for the quarter were $365.2 million (€330.7 million) for the quarter, down slightly on the corresponding year-ago period. Pacific Ethanol sold 210.3 million gallons of ethanol in the three-month period, down marginally from 212.2 million in Q3 2018.
“Positive ethanol production margins in the current market are supporting our efforts to conclude several strategic initiatives to strengthen our balance sheet and position the company to benefit from increased demand for low carbon, high octane ethanol,” Koehler commented.
“We are confident that the final rule for the 2020 Renewable Fuel Standard blending requirements will result in greater ethanol use in the domestic market, and resolution of trade disputes will bolster export demand, putting our company and the industry back on a growth trajectory.”
During the quarter, the company produced a total of 130.1 million gallons of ethanol, below the 139.9 million gallons produced in the third quarter of last year. Costs of goods sold was higher than the year-ago period, however, up from $366.6 million (€332.1 million) to $380.0 million (€344.2 million).
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