Pacific Ethanol (PEIX) Misses Q2 EPS by 26c, Miss on Revenues

Pacific Ethanol (NASDAQ: PEIX) reported Q2 EPS of ($0.22), $0.26 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $405 million versus the consensus estimate of $420.35 million.

Financial Results for the Three Months Ended June 30, 2017 Compared to the Three Months Ended June 30, 2016

• Net sales were $405.2 million, compared to $422.9 million.
• Cost of goods sold was $403.5 million, compared to $405.2 million.
• Gross profit was $1.7 million, compared to $17.7 million.
• Selling, general and administrative expenses were $8.8 million, compared to $6.1 million. The year-over-year increase was primarily attributable to higher professional expenses associated with the ICP acquisition as well as increased benefits and non-cash compensation adjustments.
• Operating loss was $7.1 million, compared to operating income of $11.6 million.
• Net loss available to common stockholders was $9.2 million, or $0.22 per share, compared to net income of $4.7 million, or $0.11 per share.
• Adjusted EBITDA was $2.6 million, compared to $20.4 million.
• Cash and cash equivalents were $91.5 million at June 30, 2017, compared to $68.6 million at December 31, 2016.

For earnings history and earnings-related data on Pacific Ethanol (PEIX) click here.

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