China Bio Energy (CBEH) reported earnings today and the company beat on both EPS and revenues.  EPS came in at .25/share vs the expectations of .19/share (matching the year ago quarter) on revenues of $65.2 million which was a 12% increase over the year ago quarter.  After an initial pop in the stock this morning, it’s off the highs.  Not too surprising considering the run it’s had over the past few weeks.

The increase in company revenues was driven by its oil distribution business and six gas stations.  The biodiesel business continues to be subsidized by the profitable oil biz, so more of an oil company at this point rather than a biofuel play.  Oil distribution makes up 70% of the business, biodiesel makes up 18% and gas stations make up 12%

Management is reaffirming 2009 guidance and expects revenues of at least $240 million and net income of at least $33.7 million.  The estimates include the addition of 50,000 tons of biodiesel production capacity which is expected to come online later this year as well as the acquisition of additional gas stations.