Press release
Green Plains Reports First Quarter 2023 Financial Results
Results for the First Quarter of 2023: EPS of ($1.20) per basic and diluted share, compared to EPS of ($1.16) per basic and diluted share for the same period
About this update from Green Plains, Inc.
[{"type":"text","content":"\nResults for the First Quarter of 2023:\n\n\n\nEPS of ($1.20) per basic and diluted share, compared to EPS of ($1.16) per basic and diluted share for the same period in the prior year\n\n\n\nProtein technology operating at five facilities achieved record daily production rates in recent weeks and on track to produce approximately 900 tons per day for the remainder of the year to achieve annual run rate capacity of 330,000 tons once Wood River returns to operation\n\n\n\nSold 52,000 tons of Ultra-High Protein in the first quarter, an increase of 40,000 tons over the same period in the prior year\n\n\n\nConsolidated crush margin of ($0.07) per gallon for the first quarter\n\n\n\n2023 financial outlook significantly improved based on spot and forward margins hitting recent highs, creating opportunities to partially hedge 2023\n\n\n\nFinancial position remains strong to execute on transformation plan with $408.3 million of cash and cash equivalents, and restricted cash; $159.0 million available under a committed credit facility as of March 31, 2023\n\n\n\n OMAHA, Neb.--(BUSINESS WIRE)--\nGreen Plains Inc. (NASDAQ:GPRE) today announced financial results for the first quarter of 2023. Net loss attributable to the company was $70.3 million, or ($1.20) per basic and diluted share compared to net loss attributable to the company of $61.5 million or ($1.16) per basic and diluted share, for the same period in 2022. Revenues were $832.9 million for the first quarter of 2023 compared with $781.4 million for the same period last year. EBITDA of ($27.7) million compared to ($27.8) million for the same period in the prior year.\n\n\n“As of the end of the first quarter, we achieved full production operating rates for Ultra-High Protein across our five MSC locations,” said Todd Becker, President and Chief Executive Officer. “We expect to deliver even greater production levels when Wood River returns to operation and anticipate seeing the full capabilities of this platform over the balance of the year. We sold 52,000 tons of Ultra-High Protein in the first quarter and we continue on the path to deliver more meaningful volumes for pet, aquaculture, and animal nutrition. With MSC technology achieving consistent product quality and production capability, we have begun to see expanding margin contribution from repeat sales. We also continue our focus...