Business & Real Estate

Sacramento ethanol maker’s profits jump

Pacific Ethanol CEO Neil Koehler at the company’s Stockton plant.
Pacific Ethanol CEO Neil Koehler at the company’s Stockton plant. Sacramento Bee file

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.

Dale Kasler: 916-321-1066, @dakasler

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