In Iowa, Renewable Energy Group announced Q1 2015 adjusted EBITDA loss of $30.2 million compared to $1.9 million in the prior year period, without any adjustments for the 2014 Biodiesel Mixture Excise Tax Credit (BTC). After the December 2014 reinstatement of the BTC, the first quarter of 2014 was retroactively adjusted to reflect this reinstatement, resulting in Adjusted EBITDA of $14.7 million.
Revenues for the quarter were $230.9 million. Compared to the first quarter of 2014, REG sold 26.6% more gallons of biomass-based diesel, while revenues increased by 5.4%.
“Our first quarter results reflect the challenging market conditions experienced by our industry,” said Daniel J. Oh, President and Chief Executive Officer. “We currently see that industry conditions are improving and are already taking advantage of better margins as energy prices have improved and feedstock prices continue to adjust. We remain committed to our long-term strategies and are executing on these daily.”
Oh continued, “The fire at Geismar was a near-term setback. We are grateful that our two injured employees continue to improve. Meanwhile, we are thoroughly investigating the cause of the fire and are working to resume operations as safely and rapidly as possible.”
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