Press release
Green Plains Partners Reports Second Quarter 2022 Financial Results
Results for the Second Quarter of 2022 Net income of $10.5 million, or $0.44 per common unitAdjusted EBITDA of $12.9 million and distributable cash flow of
About this update from Green Plains, Inc.
[{"type":"text","content":"Results for the Second Quarter of 2022 Net income of $10.5 million, or $0.44 per common unitAdjusted EBITDA of $12.9 million and distributable cash flow of $11.3 millionQuarterly cash distribution increased to $0.45 per unitDistribution coverage ratio of 1.06x; LTM distribution coverage ratio of 1.07xLeverage ratio, net of cash; 0.82x Adjusted EBITDA OMAHA, Neb., Aug. 02, 2022 (GLOBE NEWSWIRE) -- Green Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the second quarter of 2022. Net income attributable to the partnership was $10.5 million, or $0.44 per common unit, for the second quarter of 2022, compared with net income of $10.3 million, or $0.44 per common unit, for the same period in 2021. The partnership also reported adjusted EBITDA of $12.9 million and distributable cash flow of $11.3 million for the second quarter of 2022, compared with adjusted EBITDA of $12.7 million and distributable cash flow of $11.2 million for the same period in 2021. Distribution coverage was 1.06x for the three months ended June 30, 2022. “Green Plains Partners continues to achieve consistent returns,” said Todd Becker, President and Chief Executive Officer. “We believe Green Plains’ ability to achieve higher throughput rates, as demonstrated in the second quarter, should benefit the partnership in future periods. As a result of consistent operations and low leverage, we felt confident in increasing the quarterly distribution for the fourth consecutive quarter.” Second Quarter Highlights and Recent Developments On July 21, 2022, the board of directors of the partnership’s general partner increased the quarterly cash distribution to $0.45 per unit, or approximately $10.7 million, for the second quarter of 2022. The distribution is payable on August 12, 2022, to unitholders of record at the close of business on August 5, 2022. Results of OperationsConsolidated revenues for the three months ended June 30, 2022 were comparable with the same period for 2021. Operations and maintenance expenses decreased $0.1 million for the three months ended June 30, 2022, compared with the same period for 2021. During the second quarter of 2022, Green Plains Inc.’s average production utilization rate was approximately 96.9% of capacity. Ethanol throughput was 232.5 million gallons, which exceeded the contracted minimum volume commit...