Renewable Energy Group swings to annual profit
Renewable Energy Group, Inc. (REGI) swung to a net profit for the year ended Dec. 31, 2016. The company has made a net profit of $44.33 million, or $ 1.06 a share in the year, against a net loss of $151.39 million, or $3.44 a share in the last year. Revenue during the year surged 47.13 percent to $2,041.23 million from $1,387.34 million in the previous year. Operating income for the year was $47.18 million, compared with an operating loss of $154.73 million in the previous year. Adjusted EBITDA for the year stood at $102.15 million.
“Our fourth quarter results were strong resulting from a total team effort to maximize our gallons sold as we sought to capture the lapsing tax incentive,” said Daniel J. Oh, President and Chief Executive Officer. “Revenue for the full year exceeded $2 billion for the first time and we set records for gallons produced and sold in a year.” Oh continued, “The entire fleet ran very well in 2016. Notably, our Geismar biorefinery achieved a production record in the fourth quarter and has run continuously above nameplate capacity on average for the first two months of 2017. We are excited to see Geismar beginning to deliver on expectations. As we look to 2017, we expect to work our way through additional regulatory uncertainty as a company and an industry as we have done successfully several times in the past.”
Working capital increases sharply
Renewable Energy Group, Inc. has recorded an increase in the working capital over the last year. It stood at $229.29 million as at Dec. 31, 2016, up 26.25 percent or $47.68 million from $181.61 million on Dec. 31, 2015. Current ratio was at 1.98 as on Dec. 31, 2016, up from 1.62 on Dec. 31, 2015.
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