REG Reports 2019 Q2 Financial Results

Carrie Muehling Leave a Comment

Renewable Energy Group, Inc. (REG) announced a net loss for the second quarter ended June 30, 2019.

Revenues for the second quarter were $560.6 million on 197.4 million gallons of fuel sold. Net loss from continuing operations attributable to common stockholders was $57.6 million in the second quarter of 2019, compared to net income from continuing operations attributable to common stockholders of $28.3 million in the second quarter of 2018. Adjusted EBITDA in the second quarter was negative $42.3 million, compared to Adjusted EBITDA of $44.3 million in the second quarter of 2018.

“The challenging margin environment continued in the second quarter as a result of uncertainty around both the BTC and small refinery exemptions,” said Cynthia (CJ) Warner, President and Chief Executive Officer. “Within this context, our underlying performance was strong with a 15.0% increase in gallons sold and a 2.0% increase in gallons produced. We continue to believe that the BTC will be reinstated, which will reward our strong operational performance.”

Warner continued, “On the non-operating front, we are pleased that we finalized the sale of our Life Sciences business and paid off our 2019 convertible notes without financing, primarily from cash on hand.”

Read the entire news release here.

AgWired Energy, REG

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