Press release
Green Plains Partners Reports Second Quarter 2021 Financial Results
Results for the Second Quarter of 2021 Net income of $10.3 million, or $0.44 per common unitAdjusted EBITDA of $12.7 million and distributable cash flow of
About this update from Green Plains, Inc.
[{"type":"text","content":"Results for the Second Quarter of 2021 Net income of $10.3 million, or $0.44 per common unitAdjusted EBITDA of $12.7 million and distributable cash flow of $11.2 millionQuarterly cash distribution of $0.12 per unitDistribution coverage ratio of 3.95x, LTM distribution coverage ratio of 4.01x OMAHA, Neb., Aug. 02, 2021 (GLOBE NEWSWIRE) -- Green Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the second quarter of 2021. Net income attributable to the partnership was $10.3 million, or $0.44 per common unit, for the second quarter of 2021 compared with net income of $10.2 million, or $0.43 per common unit, for the same period in 2020. The partnership also reported adjusted EBITDA of $12.7 million and distributable cash flow of $11.2 million for the second quarter of 2021, compared with adjusted EBITDA of $13.2 million and distributable cash flow of $11.3 million for the same period in 2020. Distribution coverage was 3.95x for the three months ended June 30, 2021 as compared to 3.99x for the same period a year ago. “Executing on the recent financing of the partnership’s credit facility enables value to be returned to our unitholders through higher distributions,” said Todd Becker, president and chief executive officer. “During the second quarter, the partnership continued to achieve consistent financial results for its unitholders and combined with the new debt structure, puts the partnership in strong position to deliver consistent returns and increase distributions to unitholders moving forward.” Second Quarter Highlights and Recent Developments On July 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 second quarter of 2021. The distribution is payable on Aug. 13, 2021, to unitholders of record at the close of business on Aug. 6, 2021.On July 20, 2021, the partnership closed on an amended five-year, $60.0 million term loan facility and concurrently, the board of directors provided guidance on future distributions focused on maintaining a 1.1 times coverage ratio on normalized trailing 12-month distributable cash flows. Results of OperationsConsolidated revenues decreased $0.7 million for the three months ended June 30, 2021, compared with the same period for 2020. Railcar transpor...