Biodiesel producing giant Renewable Energy Group (REG) is boasting a big third quarter for its biodiesel operation. The Iowa-based company reports 77.6 million gallons of biodiesel sold in the third quarter 2013, an increase of 26 percent compared to the third quarter of 2012. In addition, revenues are up more than 40 percent compared to the same time a year ago for a total of $458.4 million. REG also achieved Adjusted EBITDA of $48.9 million during the third quarter 2013.
“We are pleased to report excellent performance in EBITDA, gallons produced, gallons sold, and revenues, driven by expanded nameplate production capacity and strong market demand,” said Daniel J. Oh, President and Chief Executive Officer.
“By July, we had upgraded Albert Lea and commenced operations at the New Boston biorefinery. During the quarter, we focused on increasing production at these new facilities. We now have eight biorefineries in production, including the recent addition of our Mason City, Iowa plant, with an annual nameplate capacity of 257 million gallons. In addition, network expansion enabled us to increase the gallons of biodiesel we market and sell from other biodiesel plants,” Oh added.
The 77.6 million gallons of biodiesel sold is a record for REG. Recently, the company increased and enhanced its production capabilities with the purchase of a 30 million gallon per year nameplate capacity biorefinery in Mason City, Iowa and REG’s New Boston, Texas plant coming on line this summer. This past quarter was also the first full quarter of a lower cost feedstock being used at the Albert Lea, Minn. facility.