Cupertino, California-based renewable fuels and biochemical producer Aemetis reported increased North American revenues during the first quarter of 2018, driven largely by higher ethanol demand and a strengthened feed segment.
The multinational manufacturer of advanced fuels and chemicals said in its first quarter 2018 financial report Thursday that ethanol gallons sold totaled 16.1mn at an average price of $1.76/gal during Q1 2018, a 19.3% and 0.6% rise, respectively, from the prior year.
Aemtis’ biodiesel segment sales during the period rose nearly 500% from the prior year, totaling 5,300mt, while average selling price totaled $851/mt, a near 15% fall from the first quarter of 2017. The increased sales figures were attributed to strengthened domestic demand in India, leading to a 262% rise in segment revenue.
Delivered corn and milo bushels totaled 5.6mn/bu at an average delivered cost of $4.94/bu, a 19% and 0.2% rise from the prior year.
The company reported a combined quarterly revenue of $43mn, compared to $31.6mn during the first quarter of 2017.
Company chief executive Eric McAfee is confident that both the North American and Indian businesses will continue to show growth for the remainder of the year, as each business segment completed key milestones during the period.
Along with its Indian production facility, Aemetis operates an ethanol production plant in Keyes, California. Combined production estimates for the facilities total 110mn gallons annually.