Renewable Energy Group, Inc. has announced its financial results for the first quarter ending March 31, 2014. Compared to the first quarter of the prior year, REG sold 22% more gallons of biodiesel in the first quarter of 2014, while revenue decreased by 17% and adjusted EBITDA decreased by 91%.

"This quarter was very challenging, coming off an outstanding year," said Daniel J. Oh, President and Chief Executive Officer. "Despite the challenges, we were able to generate positive adjusted EBITDA, which is evidence of the durability of our business model. While some of the challenges that affected the first quarter remain, in the near-term we are focusing our efforts to respond when markets normalize, and on executing our longer-term strategies."

Oh continued, "We recently achieved two very positive milestones in REG's history, both of which are a tribute to the efforts of many people, partners and the strength of our business model. The Company reached cumulative sales of over 1 billion gallons in mid-April. And, in late March, we redeemed the last of the remaining preferred shares outstanding, eliminating the dividend obligation and resulting in a more simplified capital structure."

REG 1Q14 Revenues and Adjusted EBITDA Summary(dollars and gallons in thousands)