Pacific Ethanol Inc. reported sharply higher profits Wednesday as the impact of a major acquisition kicked in.
The Sacramento ethanol producer said it earned $5.1 million in the second quarter compared with $1 million a year earlier. Per-share earnings jumped to 11 cents, from 3 cents.
Revenue grew 86 percent to a record $422.9 million, due largely to the increased production capacity Pacific Ethanol gained when it acquired Aventine Energy Holdings Inc. of Pekin, Ill., a major Midwestern ethanol producer. Pacific Ethanol sold a total of 233 million gallons of the fuel additive during the quarter, compared with 141 million gallons a year earlier.
Pacific Ethanol shares closed at $6.45, up 17 cents, on the Nasdaq market before the quarterly results were announced. The shares jumped another 40 cents in after-hours trading.