Renewable Energy Group (REGI) saw its loss widen to $15.91 million, or $0.41 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $6.89 million, or $0.16 a share. Revenue during the quarter surged 40.63 percent to $418.89 million from $297.87 million in the previous year period. Gross margin for the quarter contracted 171 basis points over the previous year period to 4.13 percent. Operating margin for the quarter stood at negative 2.20 percent as compared to a negative 2.12 percent for the previous year period.
Operating loss for the quarter was $9.22 million, compared with an operating loss of $6.32 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.60 million compared with $2.20 million in the prior year period. At the same time, adjusted EBITDA margin contracted 59 basis points in the quarter to 0.14 percent from 0.74 percent in the last year period.
"Our operating results for the first quarter of 2017 were in line with expectations given the lapsed BTC and we are well positioned should the BTC or similar incentive be reinstated as it has been in the past. We anticipate seasonally higher demand in the coming months and our biorefinery fleet is currently running at high utilization levels," said REG President and chief executive officer Daniel J. Oh.
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