Renewable Energy Group (REGI) Tops Q1 EPS by 73c, Revenues Miss

Renewable Energy Group (NASDAQ: REGI) reported Q1 EPS of $1.72, $0.73 better than the analyst estimate of $0.99. Revenue for the quarter came in at $475 million versus the consensus estimate of $478.5 million.

Q1 2020 Highlights

• 140 million gallons of fuel sold
• 121 million gallons of fuel produced
• Revenues of $475 million
• Net income from continuing operations available to common stockholders of $75 million, or $1.72 per diluted share
• Adjusted EBITDA of $90 million
• Net cash proceeds of $500 million from the reinstatement of the Biodiesel Mixture Excise Tax Credit (BTC) related to 2018 and 2019 operations received in March and April 2020
• Established COVID-19 Emergency Response Team in January to monitor and react to the virus to protect our employees, vendors, customers and other business partners
• Biodiesel and renewable diesel production has been confirmed as an essential business enabling us to continue to operate our facilities
• Carbon reduction from REG produced fuels of over one million metric tons

"First quarter performance was strong, buoyed by solid operations at our facilities, in spite of the headwinds from COVID-19 and significant feedstock and energy market disruptions. We remain focused on ensuring the health and safety of our employees and continuing to safely operate to meet the needs of our customers. We are grateful to be able to provide vital, sustainable products during this challenging time," said Cynthia (CJ) Warner, President and Chief Executive Officer.

Warner continued, "Biodiesel and renewable diesel production was confirmed as an essential business, and demand remained relatively stable in the quarter, enabling us to continue to operate robustly. Continued improvement in underlying performance further enhanced profitability through increased sales of REG Ultra Clean™ and gallons sold directly to end users."

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

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