Neste increases renewable fuel sales to North America

By Erin Voegele | August 11, 2015

Neste has released second quarter financial results, reporting comparable operating project of €78 million ($84.94 million), down from €86 million during the same period of 2014. Net cash from operations totaled €227 million, up from €219 million during the second quarter of last year.

The company’s renewable products division reported a comparable operating profit of €54 million during the quarter, up from €32 million during the same quarter of the prior year.  Neste also indicated the comparable sales margin for renewable products was $210 per ton, up from $200 per ton during the second quarter of the previous year. According to the Neste, additional margin and a stronger U.S. dollar had a positive effect on the results when compared to the same period of last year. Feedstock optimization continued, and the share of waste and residue feedstocks reached 67 percent of total inputs. The company also noted that the turnaround at the Porvoo, Finland, facility reduced renewable diesel production by more than 10 percent of total production capacity during the second quarter.

Neste reported that sales volumes for its renewable products division totaled 554,000 tons during the second quarter, down 1 percent from the same period of last year. Approximately 63 percent of sales volumes went to Europe and Asia-Pacific during the quarter, down from 66 percent last year. Approximately 37 percent of sales volumes went to North America during the quarter, up from 34 percent during the same quarter of 2014.

The oil products division generated a comparable operating profit of €14 million, down from €33 million during the same period of last year. The oil retail division reported comparable operating profit of €22 million, up from €20 million during the same period of last year.

Overall, Neste reported revenue of €2.6 billion during the second quarter, down from €4.1 billion during the same period of last year. EBITDA was €146 million, down from €153 million. Comparable net profit was €55 million, up from €51 million during the same quarter of last year. Earnings per share were €0.17, up from €0.15 during the second quarter of 2014.