Another biodiesel producer is showing a pretty good bottom line compared to last year’s figures. On the heels of last week’s report from Renewable Energy Group (REG) of its record-setting third quarter, FutureFuel Corp. shows a similarly strong period as well. The St. Louis Business Journal reports FutureFuel has third-quarter net income of $15.3 million, up 22 percent from the prior-year period, thanks to a recovered biodiesel industry helped by the $1-a-gallon blenders’ credit.
The company reported revenue of $121.1 million, up 37 percent from the prior-year period.
Revenue from biofuels was $77.4 million, up 61 percent from the prior-year period. That revenue accounted for 64 percent of total revenue in the third quarter of 2013 as compared to 54 percent in the third quarter of 2012.
Sales quantities in the third quarter also increased due to the reinstatement of the federal blenders’ credit in January compared to the third quarter of 2012 when the blenders’ credit was not available. Both the $1 biodiesel blenders credit and agri-biodiesel production credits are set to expire on Dec. 31.
“The record performance resulting from strong margins in the biofuel segment and continued solid performance from our chemical segment is gratifying,” FutureFuel President Lee Mikles said in a statement. “Like the rest of the biofuel industry, we realize the importance that continued support from our legislatures in the Renewable Fuel Mandate and the federal blenders’ credit has on our biodiesel business.”
FutureFuel Corp. makes custom and performance chemicals and biofuels.