VeraSun Energy (VSE: 0.00 N/A N/A), the country’s largest ethanol producer managed to handily beat the analyst’s estimates for the 2nd quarter of 2008. Estimates for the quarter’s per share earnings ranged from a -7¢ to a positive 12¢, with the average of 18 analysts at 2¢ earnings. Actual earnings came in at 15¢ per share, well above the average and handily beating the most optimistic. The 15¢ per share also almost doubles the 8¢ earned in Q1, 2008. VSE’s total revenues of $1.015 billion also exceeded the average estimate of $924 million.

The most interesting point of the press release is that VeraSun sold 330 million gallons of ethanol to their customers which included 83.4 million gallons they purchased from other producers to resell. There is obviously plenty of demand for the company’s future increasing production. Company management has stated they have very little margin in the resold fuel, but want to keep their customers supplied and satisfied.

I look forward to the conference call to compare average corn and ethanol prices to those reported by Pacific Ethanol (PEIX: 1.10 0.00 0.00%) leading to their quarterly loss. With revenues growing strongly and earnings per share doubling for each of the last two quarters, I believe VSE is a growth stock reborn.

Note: Analyst information from Yahoo Finance.

Note: I have a long position in VSE.