Renewable Energy Group, Inc. officially announced its preliminary results for the first quarter of 2014 and announced the date for the Company's first quarter 2014 earnings release, which will be on May 6th.
REG estimates a net earnings loss of US $1.5~$3.5 million for 1Q14. The adjusted EBITDA ranges from $1 million to $3 million, lower than REG’s prior guidance of the range of $5 million to $15 million. REG explained the possible cause of such a difference and blames it on unpredicted weather, tax credit and some pricing of feedstocks. It is a consequence of several factors.
"Our performance this quarter was disappointing, yet not surprising in light of the harsh weather conditions that have impacted results in many industries across the U.S. economy," said Daniel J. Oh, President and CEO. "A key element of our business model is the ability to generate positive adjusted EBITDA even under adverse conditions, and this quarter certainly demonstrated this. We will continue to focus on our operating results and long-term growth as the biodiesel industry adjusts to changed and uncertain regulatory conditions."
However, REG remains optimistic about the long-term prospects and the biodiesel industry. It plans to discuss its first quarter financial results and strategic directions in early May. For more details, please visit: Renewable Energy Group Provides Preliminary Results and Announces Earnings Reporting Date for First Quarter 2014