LATEST NEWS
VeraSun reports first quarter financial results
16th May, 2008
VeraSun Energy, one of the US' largest ethanol producers, has announced its financial results for the three months ended 31 March 2008.
The company increased revenues by 257% from Q1 2007, to $516.5 million (€333.71 million) and generated earnings of $0.08 per diluted share. Earnings before interest, taxes, depreciation and amortization (EBITDA) for Q1 2008 increased to $32.3 million, or 6.3% of revenues, as compared to $3.8 million, or 2.6% of revenues for Q1 2007.
'VeraSun continues to execute on its long-term growth strategy with significantly higher production, resulting in increased revenues and earnings,' VeraSun CEO Donald L. Endres says. 'Our team also successfully commissioned VeraSun's production facility at Bloomingburg, Ohio during the quarter, adding another 110 million gallons of production capacity.'
VeraSun completed its merger with US BioEnergy on April 1, giving the company 11 operating facilities with a combined ethanol production capacity in excess of 1 billion gallons. Five additional facilities are under construction with a combined capacity of 550 million gallons. Upon completion of the new facilities by the end of the year, VeraSun expects to have an annual production capacity of approximately 1.64 billion gallons.
'Demand for ethanol continues to increase with conventional blending expanding throughout the country,' explains Endres. 'Ethanol provides an immediate, strategic and economic benefit for refiners and petrol marketers by providing a high octane, low cost blend component.'
VeraSun Energy's financial highlights
- Total revenues increased 257% to $516.5 million for Q1 2008 as compared to $144.5 million for Q1 2007
- Net income increased to $7.6 million for Q1 2008 or $0.08 per diluted share compared to a net loss of $0.3 million for Q1 2007
- EBITDA increased to $32.3 million for Q1 2008, or 6.3% of revenue, as compared to $3.8 million, or 2.6% of revenue for Q1 2007
- Cash and cash equivalents of $73.5 million at March 31, 2008
