Source: Biofuels International
VeraSun Energy, one of the US’ largest ethanol producers, has announced its financial results for the three months ended June 30 2008, showing a 499% increase in revenues over Q2 2007, to $1.015 billion (€682 million).
The company also generated earnings of $.15 per diluted share. EBITDA for Q2 2008 increased to $73 million, compared to $33 million for Q2 2007.
During the quarter, VeraSun completed its merger with US BioEnergy effective April 1, adding five facilities and 420 million gallons to operations. The company also completed construction at its Hankinson, North Dakota, Welcome, Minnesota and Hartley, Iowa, biorefineries, with a combined capacity of 330 million gallons a year.
Upon completion of two additional ethanol production facilities in Dyersville, Iowa, and Janesville, Minnesota, the company expects to have a capacity of 1.64 billion gallons of ethanol through 16 production facilities by the end of 2008.
‘Ethanol is playing an increasingly important and strategic role in our country’s fuel supply,’ CEO Donald Endres says. ‘Ethanol continues to trade at a deep discount to petrol providing a significant economic incentive for refiners and petrol marketers to develop new markets.’
Filed under: North America
