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Green Plains Partners Reports Fourth Quarter and Full Year 2019 Financial Results
Results for the Fourth Quarter of 2019 Net income of $10.4 million, or $0.44 per common unitAdjusted EBITDA of $13.3 million and distributable cash flow of
About this update from Green Plains, Inc.
[{"type":"text","content":"Results for the Fourth Quarter of 2019\n Net income of $10.4 million, or $0.44 per common unitAdjusted EBITDA of $13.3 million and distributable cash flow of $11.2 millionQuarterly cash distribution of $0.475 per unitDistribution coverage ratio of 0.99x; LTM distribution coverage ratio of 1.00x OMAHA, Neb., Feb. 10, 2020 (GLOBE NEWSWIRE) -- Green Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the fourth quarter of 2019. Net income was $10.4 million, or $0.44 per common unit, for the fourth quarter of 2019 compared with $14.1 million, or $0.51 per common unit, for the same period in 2018. The partnership reported adjusted EBITDA of $13.3 million and distributable cash flow of $11.2 million for the fourth quarter of 2019, compared with adjusted EBITDA of $15.2 million and distributable cash flow of $13.1 million for the same period in 2018. Distribution coverage was 0.99x and 1.00x, respectively, for the three months and trailing twelve months ended December 31, 2019. Differences in the comparative results of fourth quarter 2019 and fourth quarter of 2018 were mainly driven by our parent’s sale of three ethanol plants in the fourth quarter of 2018. “Green Plains Partners continues to provide consistent performance for its unitholders with a distribution coverage ratio of 1.00x for 2019,” said Todd Becker, president and chief executive officer of Green Plains Partners. “We anticipate higher throughput rates in 2020 due to the continued rollout of the Project 24 initiatives at our parent. As one of the only master limited partnerships with a significant renewables presence, we are in a unique position to benefit from increased throughput as a result of domestic E15 blending and the resumption of international trade through the resolution of recent trade disputes. We continue to return substantial value for our unitholders through consistent cash flow generation supported by long-term contracted volume commitments, a strong yield and low leverage ratio of less than 2.5x.” Fourth Quarter Highlights and Recent Developments On December 31, 2019, Green Plains Partners executed certain provisions under the Birmingham BioEnergy Partners LLC promissory note, whereby the existing $8.1 million promissory note was assigned to BlendStar LLC and the note payable and note receivable between the two entities we...