- Gevo (NASDAQ:GEVO) -29.1% AH after reporting a Q2 loss of $0.15/share on revenue of $8.1M, 9% below last year's $8.9M.
- Gevo says Q2 revenues derived at its production facility in Luverne, Minn., totaled $7.2M, lower than $8M from the same period a year ago, mostly the result of lower ethanol production, ethanol prices and distiller grain prices.
- Gevo says all operations at the Luverne plant are up and running, but adds that it has taken longer than expected to complete installation of some additional distillation system equipment needed after initial operation of the distillation system began in March 2016; as a result, the onset of the production rate ramp-up was delayed, and the company projects full-year production volume to come in lower than expected.
- Despite production ramp-up delays, Gevo expects to have the capability to be at a production run rate equivalent to 1.5M gal/year at Luverne by year-end.