Business
Green Plains Partners Reports First Quarter 2021 Financial Results
Results for the First Quarter of 2021 Net income of $10.7 million, or $0.45 per common unitAdjusted EBITDA of $13.8 million and distributable cash flow of
About this update from Green Plains, Inc.
[{"type":"text","content":"Results for the First Quarter of 2021 Net income of $10.7 million, or $0.45 per common unitAdjusted EBITDA of $13.8 million and distributable cash flow of $11.7 millionQuarterly cash distribution of $0.12 per unitDistribution coverage ratio of 4.13x, LTM distribution coverage ratio of 4.02x OMAHA, Neb., May 03, 2021 (GLOBE NEWSWIRE) -- Green Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the first quarter of 2021. Net income attributable to the partnership was $10.7 million, or $0.45 per common unit, for the first quarter of 2021 compared with net income of $10.4 million, or $0.44 per common unit, for the same period in 2020. The partnership also reported adjusted EBITDA of $13.8 million and distributable cash flow of $11.7 million for the first quarter of 2021, compared with adjusted EBITDA of $13.4 million and distributable cash flow of $11.4 million for the same period in 2020. Distribution coverage was 4.13x for the three months ended March 31, 2021 as compared to 4.03x for the same period a year ago. “Green Plains Partners delivered another consistent quarter of financial results for its unitholders while continuing to significantly reduce its debt,” said Todd Becker, president and chief executive officer. “Closing on the sale of Green Plains Ord delivered additional proceeds to more quickly reduce the partnership’s debt, further strengthening its balance sheet.” First Quarter Highlights and Recent Developments On March 22, 2021, Green Plains Inc.’s subsidiary, Green Plains Ord LLC, closed on the sale of its ethanol plant located in Ord, Nebraska to GreenAmerica Biofuels Ord LLC. Correspondingly, the storage assets located adjacent to the Ord plant were sold to Green Plains Ord LLC for $27.0 million, along with the transfer of associated railcar operating leases. In accordance with the loan agreement, the proceeds were used to repay debt.On April 22, 2021, the board of directors of the partnership’s general partner declared a quarterly cash distribution of $0.12 per unit, or approximately $2.8 million, for the first quarter of 2021. The distribution is payable on May 14, 2021, to unitholders of record at the close of business on May 7, 2021. Results of OperationsConsolidated revenues increased $0.1 million for the three months ended March 31, 2021, compared with the same period for 2020....