Renewable Energy Group (REG) announced its fourth quarter and full year 2020 results revealing it produced biofuel in record volumes.
REG produced a record 519 million gallons last year, up from 495 million gallons in 2019. North American and European biodiesel production were up 5% and 7%, respectively.
REG produced 129 million gallons of biodiesel and renewable diesel during the third quarter - an increase of 13%.
"REG’s resilient business model enabled us to deliver strong financial results, with $120 million (€100 million) of net income from continuing operations available to common stockholders, supported by record production, despite the array of externally driven challenges we faced in 2020," said Cynthia Warner, REG president and CEO.
“In the face of the pandemic, we were able to adjust operations to ensure safety while fulfilling customer demand for our essential transportation fuels. We used our flexible feedstock approach to sustain margins and profitability even as the pandemic dramatically impacted feedstock supply and pricing.
“The Adjusted EBITDA of nearly $200 million (€168 million) exemplifies the soundness of our strategy and underscores our belief that REG can sustainably deliver earnings over the long term.”
Warner added: “At REG, we are continuing to build on renewable energy's positive momentum and on our track record as a leader of the transition to sustainability.
“We expect robust demand for renewable diesel and biodiesel to continue into 2021, benefiting from economic recovery combined with strong public support for an option to decarbonize that is available now. We are confident that our focused strategy and expansion plan will deliver long-term success and significant value for our shareholders and other stakeholders.”
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