Renewable Energy Group Posts Surprise Q2 Profit
In late June, Renewable Energy Group (NASDAQ: REGI) approached investors, hat in hand, to walk back previously announced guidance for the second quarter of 2020. Market conditions had deteriorated and, embarrassingly, the company discovered errors in its financial calculations. The business reduced expectations for adjusted EBITDA by $34.5 million at the midpoints.
But that prediction did not come true. The biomass-based diesel leader surprised everyone, including perhaps itself, by reporting relatively strong second-quarter 2020 operating results. It delivered positive adjusted EBITDA after all, pared GAAP losses, and reaped the benefits of several wise strategic decisions made during the quarter. The small-cap stock soared on the solid performance.
Here's what investors need to know about the latest results.
Source Fool.com
