Verasun (VSE) Expects To Post Unexpectedly High Third-Quarter Loss

Posted by Tate Dwinnell | # |
08:25:28 am on September 17, 2008

Verasun, an ethanol producer, just filed a notice with the SEC indicating that their third quarter losses will be much higher than expected. Originally, the company was expected to post a net loss $2.4 million. However, the regulatory filing shows that that the company expects a net loss of between $63 million and $100 million. The company’s stock is expected to lose 40 to 65 cents per share as a result.

In the filing, Verasun attributes the loss to contracts that required it to purchase corn at above-market prices.

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