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Pacific Ethanol Surges On Q2 Report (PEIX, ADM, ANDE, VRNM, CDXS, BIOF, GPRE)Tickerspy’s Ethanol and Biofuel IndexETHANOL AND BIOFUEL INVESTING IDEAS
ETHANOL AND BIOFUEL COVERAGEFirms engaged in the production of ethanol or other biofuels.
ETHANOL AND BIOFUEL CHART ETHANOL AND BIOFUEL METRICS
Pacific Ethanol (PEIX) surged by 20% in pre-market trading on Tuesday following the company’s second-quarter earnings announcement Monday evening. The Sacramento-based firm posted $107.8 million or $1.43 per share in net income for the three months ended June 30, compared to a loss of -$28.2 million or -49 cents per share in the same period last year. The company recorded a $119.4 million non-cash gain tied to production subsidiaries’ emergence from bankruptcy, and net sales increased by 9.5% to $76.6 million. The firm’s total gallons sold rose 88% to 65.4 million, but the average price per gallon slipped by -8 cents to $1.67 per gallon. President and CEO, Neil Koehler said, “The second quarter of 2010 was pivotal for Pacific Ethanol,” noting the company’s sales growth, reduced operating expenses, and improved EBITDA. Still Koehler added that it is a “challenging market,” so it will be interesting to see how Pacific Ethanol and the rest of the sector can perform in the second half. As a whole, the Ethanol and Biofuel Stocks Index lagged the S&P 500 by -6% in the month ended Monday’s close, but Pacific Ethanol was up by more than 25% for the period. Elsewhere in the sector, Archer-Daniels Midland (ADM) and Andersons (ANDE) are also among top performers for the period. Earlier this month, Bloomberg noted Archer-Daniels Midland among potential beneficiaries from what could be a record-breaking domestic corn harvest this year. Favorable growing condition and more planted acres will lead to a 1.9% increase in the crop compared to last year, and boosted supply could mean lower input costs for corn-based ethanol producers. Elsewhere in the biofuel sector, Verenium (VRNM), Codexis (CDXS), BioFuel Energy (BIOF), and Green Plains Renewable Energy (GPRE) are all off by more than -10% over the last month. Investors can track the Ethanol and Biofuel Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
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Pacific Ethanol (PEIX) Subsidiaries Officially Out Of Bankruptcy
(Green Stocks Central, 6/30/10)
Pacific Ethanol, Inc. Signs Definitive Agreements to Raise $53.5 Million
(Benzinga, 9/28/10)
Pacific Ethanol, Inc. Closes Previously Announced Transactions
(Benzinga, 10/7/10)
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