Press release
Green Plains Partners Reports Fourth Quarter and Full Year 2022 Financial Results
Results for the Fourth Quarter of 2022 Net income of $9.6 million, or $0.41 per common unit Adjusted EBITDA of $12.7 million and distributable cash flow of
About this update from Green Plains, Inc.
[{"type":"text","content":"\nResults for the Fourth Quarter of 2022\n\n\nNet income of $9.6 million, or $0.41 per common unit\n\n\nAdjusted EBITDA of $12.7 million and distributable cash flow of $10.7 million\n\n\nQuarterly cash distribution of $0.455 per unit\n\n\nDistribution coverage ratio of 0.99x\n\n\nResults for the Full Year 2022\n\n\nNet income of $40.7 million or $1.72 per common unit\n\n\nAdjusted EBITDA of $51.2 million and distributable cash flow of $44.6 million\n\n\nDistribution coverage of 1.04x\n\n\nLeverage ratio, net of cash; 0.75x Adjusted EBITDA\n\n\n OMAHA, Neb.--(BUSINESS WIRE)--\nGreen Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the fourth quarter and full year of 2022. Net income attributable to the partnership was $9.6 million, or $0.41 per common unit, for the fourth quarter of 2022, compared with net income of $9.9 million, or $0.42 per common unit, for the same period in 2021.\n\nThe partnership also reported adjusted EBITDA of $12.7 million and distributable cash flow of $10.7 million for the fourth quarter of 2022, compared with adjusted EBITDA of $12.2 million and distributable cash flow of $11.0 million for the same period in 2021. Distribution coverage was 0.99x for the three months ended December 31, 2022.\n\n“Green Plains Partners saw consistent and reliable operations, coupled with low leverage and increased throughput during the quarter,” said Todd Becker, President and Chief Executive Officer. “The partnership continues to maintain a strong balance sheet and deliver stable cash flows to unitholders.”\n\nFourth Quarter Highlights and Recent Developments\n\n\nOn January 19, 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 fourth quarter of 2022. The distribution is payable on February 10, 2023, to unitholders of record at the close of business on February 3, 2023.\n\n\nResults of Operations\n\nConsolidated revenues for the three months ended December 31, 2022 increased by $1.9 million compared with the same period for 2021. Operations and maintenance expenses increased by $1.2 million for the three months ended December 31, 2022, compared with the same period for 2021.\n\nDuring the fourth quarter of 2022, Green Plains Inc.’s average production utilization rate was a...