Press release
Green Plains Partners Reports First Quarter 2023 Financial Results
Results for the First Quarter of 2023 Net income of $9.9 million, or $0.42 per common unit Adjusted EBITDA of $12.5 million and distributable cash flow of
About this update from Green Plains, Inc.
[{"type":"text","content":"\nResults for the First Quarter of 2023\n\n\n\nNet income of $9.9 million, or $0.42 per common unit\n\n\n\nAdjusted EBITDA of $12.5 million and distributable cash flow of $10.8 million\n\n\n\nQuarterly cash distribution of $0.455 per unit\n\n\n\nDistribution coverage ratio of 1.00x; LTM distribution coverage ratio of 1.02x.\n\n\n\nLeverage ratio, net of cash; 0.79x Adjusted EBITDA\n\n\n\n OMAHA, Neb.--(BUSINESS WIRE)--\nGreen Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the first quarter of 2023. Net income attributable to the partnership was $9.9 million, or $0.42 per common unit, for the first quarter of 2023, compared with net income of $10.4 million, or $0.44 per common unit, for the same period in 2022.\n\n\nThe partnership also reported adjusted EBITDA of $12.5 million and distributable cash flow of $10.8 million for the first quarter of 2023, compared with adjusted EBITDA of $12.6 million and distributable cash flow of $11.2 million for the same period in 2022. Distribution coverage was 1.00x for the three months ended March 31, 2023.\n\n\n“Consistent cash flow driven by reliable operations allowed the partnership to maintain its cash distribution to unitholders,” said Todd Becker, President and Chief Executive Officer. “We believe strong utilization rates from our parent, coupled with our continued low leverage, positions the partnership to deliver dependable financial results.”\n\n\nFirst Quarter Highlights and Recent Developments\n\n\n\nOn April 20, 2023, the board of directors of the partnership’s general partner declared a quarterly cash distribution of $0.455 per unit, or approximately $10.8 million, for the first quarter of 2023. The distribution is payable on May 12, 2023, to unitholders of record at the close of business on May 5, 2023.\n\n\n\nResults of Operations\n\n\nConsolidated revenues for the three months ended March 31, 2023 increased by $1.7 million compared with the same period for 2022 primarily due to an increase in transportation service fees charged as a result of upgrading our leased railcar fleet to comply with government regulations and higher railcar volumetric capacity. Operations and maintenance expenses increased by $1.7 million for the three months ended March 31, 2023, compared with the same period for 2022, primarily due $1.5 million in higher railcar...