Pacific Ethanol beats by $0.09, beats on revenue
SACRAMENTO, Calif., Nov. 07, 2017 (GLOBE NEWSWIRE) -- Pacific Ethanol, Inc. (PEIX), a leading producer and marketer of low-carbon renewable fuels and high-quality alcohol products in the United States, reported its financial results for the three and nine months ended September 30, 2017.
Neil Koehler, Pacific Ethanol’s president and CEO, stated: “For the third quarter 2017, Pacific Ethanol reported improving financial performance in light of challenging commodity margin economics. Combined with the positive impact of the July 3rd ICP acquisition, we reported year-over-year and sequential quarterly increases in net sales, gross profit, operating income and Adjusted EBITDA. We now operate nine plants with a total annual production capacity of 605 million gallons. Shortly after the ICP acquisition, we refinanced the associated promissory notes, strengthening our balance sheet and reducing our cost of borrowing.”
Financial Results for the Three Months Ended September 30, 2017 Compared to 2016
The year-over-year increases reflect the impact of the ICP acquisition, including higher professional expenses associated with the acquisition.
Net sales were $445.4 million, compared to $417.8 million.
Record total gallons sold of 250.0 million, compared to 243.7 million.
Record production gallons sold of 141.8 million, compared to 125.5 million.
Cost of goods sold was $433.4 million, compared to $411.4 million.
Gross profit was $12.1 million, compared to $6.4 million.
Selling, general and administrative expenses were $8.7 million, compared to $6.0 million, reflecting increased benefits, non-cash compensation and transaction costs associated with the acquisition of ICP.
Operating income was $3.3 million, compared to $0.4 million.
Net loss available to common stockholders was $0.5 million, or $0.01 per share, compared to $3.8 million, or $0.09 per share.
Adjusted EBITDA was $13.2 million, compared to $9.3 million.
Cash and cash equivalents were $56.9 million at September 30, 2017, compared to $68.6 million at December 31, 2016.
Financial Results for the Nine Months Ended September 30, 2017 Compared to 2016
Net sales were $1,237.0 million, compared to $1,183.0 million.
Cost of goods sold was $1,229.0 million, compared to $1,157.9 million.
Gross profit was $7.9 million, compared $25.1 million.
Selling, general and administrative expenses were $22.9 million, compared to $20.4 million.
Operating loss was $15.0 million, compared to operating income of $4.7 million.
Net loss available to common stockholders was $22.6 million, or $0.53 per share, compared to $12.6 million, or $0.30 per share.
Adjusted EBITDA was $13.9 million, compared to $31.3 million.
