Pacific Ethanol zündet Hauptantriebswelle ||| KZ:Double Digits
neuester Beitrag 01.05.14 13:30:54 von
Financial Results for the Three Months Ended December 31, 2013
Net sales were $215.3 million for the fourth quarter of 2013, compared to $197.0 million for the fourth quarter of 2012. The increase in net sales was attributable to an increase in production gallons sold, slightly offset by a reduction in our average sales price per gallon.
Gross profit was a record $21.6 million for the fourth quarter of 2013, compared to a gross loss of $4.7 million in the fourth quarter of 2012. The improvement in gross profit was driven by significantly improved production margins and an increase in production gallons sold.
Selling, general and administrative ("SG&A") expenses were $4.4 million in the fourth quarter of 2013, compared to $2.7 million in the fourth quarter of 2012. The increase in SG&A expenses reflect year-end compensation expense partially driven by higher margins and company profitability.
Operating income for the fourth quarter of 2013 was a record $17.2 million, compared to an operating loss of $7.4 million for the same period in 2012.
Income available to common stockholders for the fourth quarter of 2013 was $8.3 million, compared to a loss of $5.8 million for the fourth quarter of 2012.
Adjusted EBITDA improved to a record $18.3 million for the fourth quarter of 2013, compared to Adjusted EBITDA of negative $2.6 million in the fourth quarter of 2012.
Bryon McGregor, the company's CFO, stated: "We continue to make significant progress in strengthening our balance sheet. During the fourth quarter, we retired a total of $13.3 million in debt and subsequently paid down another $10.4 million in plant debt. This deleveraging facilitates our ability to restart our Madera plant, lowers our cost of borrowing and improves our profitability. It also aids in our efforts to refinance our plant debt to further lower our cost of capital and improve liquidity."
Financial Results for the Year Ended December 31, 2013
For the full year 2013, net sales were a record $908.4 million, compared to $816.0 million for the same period in 2012. Gross profit was a record $32.9 million for 2013, compared to a gross loss of $19.5 million for 2012. Operating income for 2013 was a record $18.9 million, compared to an operating loss of $31.7 million for the same period in 2012, representing an improvement of $50.6 million year-over-year. Loss available to common stockholders for the full year 2013 was $2.0 million, which included $3.0 million in loss on extinguishment of debt, compared to a loss of $20.3 million for the same period in 2012.
Adjusted EBITDA for the full year 2013 was a record $28.6 million, compared to Adjusted EBITDA of negative $7.5 million for the same period in 2012.
und gerade erholt sie sich schon wieder...
They have paid off $23.7 million of debt. This will lead to a direct yearly savings in interest of $3.2 million (plant debt carries a 13.5% interest rate). The benefit will likely be even greater, since it will permit the company to re-finance at a lower rate any remaining debt.
The weighted average of shares outstanding at the end of 2013 was ~15.3 million, roughly 2 million more than the previous quarter.
Co-products returned 35.2% of the cost of corn, indicating increased corn oil production and great demand for wet distiller grains [WDG].
Average sale price of ethanol in Q4-2013 was $2.36, brought down by low ethanol pricing in early November. Q1-2014 pricing is expected to be better given recent spot prices.
Ethanol volume produced reached 40.5 million gallons for the quarter. When Madera is fully operational (probably in Q2-2014), volume should reach 50 million gallons.
Topping the charts today is ethanol producer Pacific Ethanol (NASDAQ: PEIX ) which gained a whopping 65.5% after announcing its fourth-quarter results after the closing bell last night, as well as declaring its intention to restart its Madera, Calif., plant. For the quarter, Pacific Ethanol reported a 9% increase in net sales to $215.3 million, which was due to increased gallons of ethanol sold, partially offset by weaker per-gallon pricing. The big difference was that Pacific Ethanol reported an adjusted earnings-per-share profit of $0.54 compared to a loss of $0.60 per share in the year-ago period. By comparison, Wall Street anticipated a $0.01 per share loss! Given its improved margins and the restart of the Madera plant, there's clear excitement from shareholders that Pacific Ethanol can deliver consistent profits moving forward. While I wouldn't deny Pacific Ethanol shareholders this move today, I'd still urge them to remain cautious as ethanol pricing is generally weak and there's only so much cost-cutting the company can undertake to reduce expenses.
Gewinn pro Aktie von 0,54 Dollar, macht ein KGV von 25, allerdings wird die Produktion für 2014 erhöht...
Angst um Ukraine: Ölpreis steigt kräftig - Dax vorbörslich im Minus
08:17 UhrVon Andreas Oswald
So etwas würde ich nicht einmal mit einer Kneifzange anfassen. Wer unbedingt meint, dass Ethanol eine große Zukunft hat, kann die solide deutsche Südzucker-Tochter Cropenergies kaufen. Wenn es Übersee sein soll, dann eine solide Firma wie die brasilianische Cosan.