Gevo slid 8.1 percent to $1.14 at 4:58 p.m. in New York.
Three of four fermenters at its Luverne, Minnesota, plant will be producing ethanol, with the other making isobutanol, the Englewood, Colorado-based company said in a statement today announcing fourth-quarter earnings. Gevo previously sought to manufacture isobutanol exclusively.
“Our original focus was to focus on one product,” Chief Executive Officer Pat Gruber said on a conference call with analysts. “The additional cash flow is a benefit as we scale up” isobutanol output, taking advantage of rising ethanol prices.
Gevo’s net loss widened to $17 million, or 35 cents a share, from $13 million a year earlier, according to the statement. The average of five analysts’ estimates compiled by Bloomberg was 34 cents. Revenue fell 12 percent to $1.7 million.
The company uses corn and plant waste to make isobutanol, a compound that may be blended with gasoline or converted into hydrocarbon fuels and chemicals.
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