Aemetis reports record Q1 revenue, gross profit

By Erin Voegele | May 19, 2014

Aemetis Inc. has released first quarter financial results, reporting record quarterly revenues of $60.7 million, up from $19.4 million for the same three months of the previous year. Gross profit also set a quarterly record at $15.6 million, compared to $200,000 for the same period of 2013. According to Aemetis, the increase in revenue and gross profit was primarily attributable to a full quarter of operations from Jan. 1 through March 31. In 2013, the Keyes, Calif., plant was idle from Jan. 15 through March 31.

“We’re very pleased with our record financial and operational performance in the first quarter,” said Eric McAfee, chairman and CEO of Aemetis. “These results build upon the very strong results we posted in Q4 of 2013, and with available capacity and attractive international markets for our India products, the company is well positioned for additional growth in the remainder of 2014.”

Operating income was $12.7 million for the quarter, up from $4.2 million during the same period of 2013. Net income also increased, setting a record a $12.7 million. During the first quarter of 2013, Aemetis reported an operating loss of $4.2 million. Net income also set a record at $7.7 million, compared to an operating loss of $4.2 million for the first three months of 2013. Adjusted EBITDA for the first quarter was a record $14.2 million, up from negative $2.3 million during the first quarter of the previous year.

Aemetis operates a 55 MMgy ethanol plant in Keyes, Calif., along with a 50 MMgy chemical and fuels plant in Kakinada, India, that procures biodiesel, glycerin and edible oil. The company also operates a research and development facility in College Park, Md., at the Maryland Biotechnology Center.

During the first quarter of this year, Aemetis sold nearly 16.12 million gallons of ethanol, with an average sales price of $2.91 per gallon. The company sold an estimated 112,000 tons of wet distillers grains at an average price of $98.57 per ton. Aemetis also sold 993 metric tons of biodiesel at an average price of $968 per metric ton. In addition, the company sold 565 metric tons of refined glycerin at an average price of $1,031 per metric ton.