Record Results Help Pacific Ethanol Inc (NASDAQ:PEIX) To Move Up
Pacific Ethanol Inc (NASDAQ:PEIX), the speciality chemicals manufacturer which is one of the premier ethanol producing firms in U.S reported record breaking fourth quarter and full year numbers on 26th February, after trading close.
Commenting about the strong close to the last fiscal, Pacific Ethanol Inc (NASDAQ:PEIX) President, Director and Chief Executive Officer Neil M. Koehler has been quoted to have said that. “Our fourth quarter 2013 results cap off a year of strong performance and progress for Pacific Ethanol, as evidenced by several record-setting financial results for both the fourth quarter and full year of 2013. For the fourth quarter, we established records in gross profits at $21.6 million and in adjusted EBITDA, which improved to a record $18.3 million”.
Full Year Highlights
For the full year operations, Pacific Ethanol Inc (NASDAQ:PEIX) reported net sales of $908 million, which is the best annual sales figures the ethanol producer has delivered till date and managed to post a $18.9 million operating income. It’s before tax income came in at $28.6 million. The firm also used the huge cash flows to retire debt obligations to the tune of $23.7 million it had incurred to set up its plant and other parent company related operations during the fourth quarter.
Reopening Idle Plant
The firm also disclosed that it will move ahead and reopen production operations at its California based Madera plant. This plant has a full capacity of producing 40 million per annum and will start adding to the firm’s inventory by June 2013.
Stock Market Reacts Feverishly
On the back of the blockbuster results followed by a strong guidance issued by the firm for its 2014 operations, investors turned bullish about the stock overnight. They stock rallied 65.45 percent in just one day of trading yesterday to zoom past its previous 52 week high price to settle at a new price bench mark which was 51 percent above its previous best