Renewable Energy Group (REGI) Reports Q4 Revenues Beat

Renewable Energy Group (NASDAQ: REGI) reported Q4 EPS of $, versus $0.02 reported last year. Revenue for the quarter came in at $1 billion versus the consensus estimate of $497.15 million.

Fourth Quarter 2019 Highlights:

• 152.9 million gallons of fuel sold
• 113.7 million gallons produced
• Revenues of $1.0 billion, inclusive of the retroactive reinstatement of the Biodiesel Mixture Excise Tax Credit (BTC) for 2018 and 2019
• Net income from continuing operations available to common stockholders of $492.6 million, or $11.52 per diluted share, including the BTC
• Adjusted EBITDA of $65.0 million
• Retroactive reinstatement of the BTC for 2018 and 2019 and extension for 2020-2022
• Net cash benefit of $499.4 million from the BTC reinstatement for 2018 and 2019 is expected to be received in the second quarter of 2020

Warner continued, "We welcome, and are grateful for Congress’ strong support of our industry with the reinstatement and multi-year extension of the BTC. This will provide us around half a billion dollars in cash related to our 2018-2019 operations. This additional capital, combined with the certainty of the incentive being in place through 2022, will enable us to develop and pursue a variety of growth initiatives. We are focused on growing our renewable diesel capacity and expanding downstream to serve our customers directly, with the goal of accelerating the transition to renewable energy, by delivering increasing quantities of low carbon fuels and capturing the associated economic benefits. Overall, we intend to focus on operating performance, balance sheet strength, growth prospects, and ESG initiatives, all with an emphasis on enhancing shareholder and broader stakeholder value."

For earnings history and earnings-related data on Renewable Energy Group (REGI) click here.

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