Renewable Energy Group, Inc. has announced its financial results for the second quarter ended June 30, 2014. The revenues for the quarter were $332.9 million, decreased 13% comparing to 2Q13, while adjusted EBITDA decreased by 86%.
"Our second quarter results demonstrate the resilience of our business in the face of challenging market conditions," said Daniel J. Oh, President and Chief Executive Officer. "We believe the industry has worked through the excess inventory from year-end and we have seen demand increase since the first quarter."
Oh continued, "During second quarter, REG demonstrated its ability to operate an expanding business while also investing for future growth. On top of ramping up gallons sold 63% from first quarter, we executed a complex series of transactions in order to acquire Syntroleum and Dynamic Fuels. Integration of both are underway and we are excited about the new employees, technology and products added to REG. With these acquisitions, our total assets now exceed $1 billion."
2Q14 Highlights:
- 77 million gallons sold, up 11% y-o-y
- 56 million gallons produced, down 1% y-o-y
- Net income of $11 million
- Adjusted EBITDA of $6 million
- Total assets surpassed $1 billion
- Completed acquisitions of Syntroleum Corporation and Dynamic Fuels, LLC
- Executed $143.75 million convertible debt financing
