Pacific Ethanol (PEIX) Higher Following Strong Q1 Results
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Pacific Ethanol (Nasdaq: PEIX) is trading 35% higher this morning after reporting Q1 earnings of $0.06 per share, ex-items, well above the consensus of a $0.09 loss. Revenues rose 63% to $161.5 million, versus the consensus of $154.6 million. The volume of ethanol sold by the company in Q1 rose 58% over last year. The average selling price decreased by $0.04 per gallon, or 2%, to $2.30 per gallon.
Preliminary results were actually out last week, but the stock did little.
Pacific Ethanol is the largest West Coast-based marketer and producer of ethanol. Pacific Ethanol has ethanol plants in Madera, California; Boardman, Oregon; and Burley, Idaho and has an additional plant under construction in Stockton, California. Pacific Ethanol also owns a 42% interest in Front Range Energy, LLC which owns an ethanol plant in Windsor, Colorado.
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