One of the nation’s largest ethanol producers has announced a revenue increase of nearly 500 percent over last year.
VeraSun Energy Corporation on Monday reported its financial results for the three months ending June 30, which increased revenues by 499% over the second quarter of 2007, to $1.015 billion, and generated earnings of $.15 per diluted share, driven by higher ethanol volume sold and an increase in average ethanol price.
During the quarter, VeraSun completed the merger with US BioEnergy effective April 1, adding five facilities and 420 million gallons to operations. The company also completed construction at its Hankinson, North Dakota; Welcome, Minnesota; and Hartley, Iowa biorefineries, with a combined capacity of 330 million gallons per year. Upon completion of two additional ethanol production facilities in Dyersville, Iowa and Janesville, Minnesota, the company expects to have a capacity of 1.64 billion gallons of ethanol through 16 production facilities by the end of 2008.