Renewable Energy Group releases Q4 and Full Year 2011 Financial Results
Renewable Energy Group (REG) has announced its financial results for the 2011 fourth quarter and full-year.
The company achieved record 2011 Adjusted EBITDA (for the year) of $107 million and record revenues (for the year) of $824 million, compared to $8 million and $216 million, respectively, in 2010. Furthermore, the 2011 fourth quarter saw an increase of 126% to the number of gallons sold, and a revenue increase of 284% in comparison to the same period in 2010.
On January 24, 2012, REG completed an initial public offering (IPO) of shares of common stock, raising approximately $64 million (€48.2 million) after fees and expenses.
The company managed to establish a 5-year $40 million working capital line of credit with Wells Fargo and also exercised the option to purchase their previously lease-owned facility at Seneca, Illinois.
A third production line was brought online in January 2012.