AABP EP Awards 728x90

REG expects higher losses; Geismar plant to reopen in January

/wp-content/uploads/2022/11/BR_web_311x311.jpeg

Ames-based Renewable Energy Group Inc. expects to report a higher than expected net loss of $9 million to $15 million for the third quarter. Non-GAAP earnings before taxes and depreciation and amortization are expected to range from negative $7 million to negative $13 million; the company’s previous guidance called for earnings of up to $10 million. Low prices for the company’s products and volatility in the commodity markets hurt the company’s bottom line, said President and CEO Daniel Oh. If a tax credit is retroactively reinstated as anticipated, the net benefit to REG for the quarter would be between $35 million and $40 million. The company said its Geismar, La., plant, closed in the aftermath of two fires, is expected to resume production by the end of January. Read more