Renewable Energy Group Inc. released fourth quarter financial results on Feb. 25, reporting the company produced a record volume of biofuel in 2020. Company officials also detailed adjustments it is making to correct an error related to fuel blending.
“REG’s resilient business model enabled us to deliver strong financial results, with $120 million of net income from continuing operations available to common stockholders, supported by record production, despite the array of externally driven challenges we faced in 2020,” said Cynthia (CJ) Warner, REG president and CEO. “In the face of the pandemic, we were able to adjust operations to ensure safety while fulfilling customer demand for our essential transportation fuels. We used our flexible feedstock approach to sustain margins and profitability even as the pandemic dramatically impacted feedstock supply and pricing. The adjusted EBITDA of nearly $200 million exemplifies the soundness of our strategy and underscores our belief that REG can sustainably deliver earnings over the long term.”