Press release
Green Plains Partners Reports Third Quarter 2021 Financial Results
Results for the Third Quarter of 2021 Net income of $9.4 million, or $0.40 per common unitAdjusted EBITDA of $13.5 million and distributable cash flow of
About this update from Green Plains, Inc.
[{"type":"text","content":"Results for the Third Quarter of 2021 Net income of $9.4 million, or $0.40 per common unitAdjusted EBITDA of $13.5 million and distributable cash flow of $11.5 millionQuarterly cash distribution of $0.435 per unitDistribution coverage ratio of 1.11x, LTM distribution coverage ratio of 2.43x OMAHA, Neb., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Green Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the third quarter of 2021. Net income attributable to the partnership was $9.4 million, or $0.40 per common unit, for the third quarter of 2021, compared with net income of $10.3 million, or $0.44 per common unit, for the same period in 2020. The partnership also reported adjusted EBITDA of $13.5 million and distributable cash flow of $11.5 million for the third quarter of 2021, compared with adjusted EBITDA of $13.9 million and distributable cash flow of $11.3 million for the same period in 2020. Distribution coverage was 1.11x for the three months ended September 30, 2021. “We were pleased to increase the distribution for the quarter, returning capital to unitholders consistent with our prior guidance,” said Todd Becker, president and chief executive officer. “The partnership continues to be well positioned to deliver stable and consistent cash flows for its unitholders.” Third Quarter Highlights and Recent Developments On October 19, 2021, the board of directors of the partnership’s general partner declared a quarterly cash distribution of $0.435 per unit, or approximately $10.3 million, for the third quarter of 2021. The distribution is payable on November 12, 2021, to unitholders of record at the close of business on November 5, 2021.On July 20, 2021, the partnership closed on an amended five-year, $60.0 million term loan facility. Results of OperationsConsolidated revenues decreased $2.1 million for the three months ended September 30, 2021, compared with the same period for 2020. Railcar transportation services revenue decreased $0.9 million primarily due to a reduction in average volumetric capacity, and storage and throughput services revenue decreased $1.0 million due to a decrease in throughput volumes, both of which were a result of the sale of our parent’s Hereford ethanol plant in the fourth quarter of 2020 and its Ord ethanol plant in the first quarter of 2021. Terminal services revenue decrea...