Press release
Green Plains Partners Reports Third Quarter 2020 Financial Results
Results for the Third Quarter of 2020 Net income of $10.3 million, or $0.44 per common unitAdjusted EBITDA of $13.9 million and distributable cash flow of
About this update from Green Plains, Inc.
[{"type":"text","content":"Results for the Third Quarter of 2020\n Net income of $10.3 million, or $0.44 per common unitAdjusted EBITDA of $13.9 million and distributable cash flow of $11.3 millionQuarterly cash distribution of $0.12 per unitDistribution coverage ratio of 3.97x, LTM distribution coverage ratio of 2.28x OMAHA, Neb., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Green Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the third quarter of 2020. Net income attributable to the partnership was $10.3 million, or $0.44 per common unit, for the third quarter of 2020 compared with net income of $10.1 million, or $0.43 per common unit, for the same period in 2019. The partnership also reported adjusted EBITDA of $13.9 million and distributable cash flow of $11.3 million for the third quarter of 2020, compared with adjusted EBITDA of $13.3 million and distributable cash flow of $11.1 million for the same period in 2019. Distribution coverage was 3.97x for the three months ended September 30, 2020 as compared to 0.98x for the same period a year ago. “We continue to generate sufficient cash flow from operations to support our required debt amortization and fund distributions,” said Todd Becker, president and chief executive officer. “We remain committed to delivering value to our unitholders by further deleveraging the balance sheet supported by long-term minimum volume commitments. The partnership is also well positioned to benefit from Green Plains’ ongoing transformation, including its investments to reduce operating costs and the addition of ultra-high protein production technology, which enables more consistent and higher throughput over the long-term.” Third Quarter Highlights and Recent Developments On October 15, 2020, 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 third quarter of 2020. The distribution is payable on November 13, 2020, to unitholders of record at the close of business on November 6, 2020. Results of OperationsConsolidated revenues increased $1.2 million for the three months ended September 30, 2020, compared with the same period for 2019. Storage and throughput services revenue increased $0.7 million due to an increase in the rate per gallon charged to Green Plains Trade beginning on July 1, 2020....