Positive figures emerge from REG second quarter results

The Renewable Energy Group (REG) has posted several positive figures following its financial results for second quarter 2012.

REG posted $271.9 million (€220.4 million) revenue for the second quarter, an increase of 39% compared to revenues of $196.3 million for the same period in 2011. Second quarter 2012 adjusted EBITDA was $26.5 million, an increase of 3% compared to the same period in 2011. The overall balance sheet rose from $75.2 million in March 2012 to $87.1 million at the close of the quarter.

Biodiesel production also rose by 10 million to 43 million gallons compared to this time last year, with REG also claiming to have sold 54 million gallons of biodiesel in the second quarter which is an increase of 63% excluding tolled gallons.

REG put these biodiesel increases down to an increase in demand as petroleum-fuel refiners and importers raced to meet their renewable volume obligations to purchase biomass-based diesel under the Renewable Fuel Standard Two programme (which specifies the consumption of 1 billion gallons of biodiesel in 2012, compared to 800 million in 2011).

‘As expected, our growth continued in our second quarter of 2012.We expanded our distribution capabilities and progressed in planned upgrades to our fleet of biorefineries,’ says REG president Daniel Oh. ‘We are optimistic about our strategic position, as we continue to execute our strategy of feedstock diversity and expand our domestic distribution footprint.’