Sacramento’s Pacific Ethanol Inc. saw year-over-year gains in both sales and gallons sold in this year’s first quarter but reported a loss in net income.
In its first quarter financial report released Tuesday, the local company said sales totaled $386.3 million, up about 13 percent from $342.4 million in the first quarter of 2016. Total gallons sold increased 9 percent to 226 million.
However, PEI’s net loss available to common stockholders was $12.9 million, or 31 cents per share, compared with a loss of $13.5 million, or 32 cents per share, in the year-ago period.
Among the negative factors cited by PEI were sharply falling ethanol prices in the first quarter and shutdown/maintenance costs associated with a wet mill facility in Pekin, Ill.
Neil Koehler, company president and CEO, noted: “So far in the second quarter, we have seen an improvement in ethanol production margins with increased seasonal demand and a record pace of ethanol exports. As a result, we expect a better operating environment and improved financial performance for the company through 2017.”