Pacific Ethanol reports Q1 2011 financial results

In the US, renewable fuels producer Pacific Ethanol's Q1 2011 net sales were $173.1 million (€122.7 million), compared to $71.3 million for the same period in 2010.

The company saw an increase in the total number of gallons sold, which went from 58.7 million gallons in Q1 2010 to 84.6 million gallons in Q1 2010, an increase of 25.9 million.

Pacific Ethanol attributes its successful first quarter of the year to the resumed operations of its Stockton plant, which was idled during the first quarter of 2010.

Gross profit for this period was $2.6 million, compared to a gross loss of $3 million in Q1 2010. This rise in profit was down to 'an addition plant being in operation in the first quarter on 2011 versus the same period in 2010'.
Operating loss for the Q1 2011 improved to $1.6 million from $6.2 million for the same period in 2010.

Neil Koehler, president and CEO of Pacific Ethanol, says: 'In the first quarter of 2011, we built on the strong foundation established in 2010 as we narrowed our loss from $11.7 million in the first quarter of 2010 to near breakeven this quarter, despite a challenging margin environment.

'We increased total gallons sold for the seventh consecutive quarter, demonstrating a compound annual growth rate of 66%. In addition, our 60 million gallon Stockton facility contributed to our growth in total gallons sold and gross profit. We look forward to building on this momentum into the months ahead.'