Pacific Ethanol (PEIX Posts Surprising Q3 Loss
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Pacific Ethanol (NASDAQ: PEIX) reported Q3 EPS of ($0.09), $0.20 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $417.8 million versus the consensus estimate of $388.71 million.
Neil Koehler, the company’s president and CEO, stated: “During the third quarter, we sold a record 243.7 million gallons of ethanol, reflecting increased output from our eight production facilities as well as a 16% increase in third party sales over the comparable period in 2015. As a result, net sales grew 10% compared to the third quarter of last year. This also demonstrates our success in integrating and optimizing our Midwest assets.
“Net loss of $3.8 million for the third quarter of 2016 was impacted by over $11 million of extraordinary expenses, including higher beginning inventory valuation, lower margins in the Company’s ethanol trading business resulting from the intra-quarter drop in ethanol prices, significant repair expenses and non-cash mark-to-market adjustments related to open hedge positions.
“We are now experiencing near the best production margins of the year from strong ethanol demand and low corn input costs aided by a record corn crop. With our diverse platform of efficiently operating assets and multiple products, we are well positioned to profit from the positive market conditions in the fourth quarter.”
For earnings history and earnings-related data on Pacific Ethanol (PEIX) click here.
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