Press release
Green Plains Reports Second Quarter 2020 Financial Results
Results for the Second Quarter of 2020: Net loss attributable to the company of $8.2 million, or $(0.24) per diluted shareAdjusted EBITDA of $17.9
About this update from Green Plains, Inc.
[{"type":"text","content":"Results for the Second Quarter of 2020:\n Net loss attributable to the company of $8.2 million, or $(0.24) per diluted shareAdjusted EBITDA of $17.9 millionCash, cash equivalents and restricted cash of $183.6 million; $289.0 million available under working capital facilitiesIndustrial high-quality alcohol sales positively impacted the quarterGreen Plains Cattle Company achieved record resultsAnnounced USP grade alcohol upgrades for Green Plains York LLC and Green Plains Wood River LLCSecured a $75 million project based financing line, which is expected to close during the third quarter to support high protein production expansion and announced Green Plains Wood River LLC’s high protein projectGreen Plains Partners refinancing of debt facility completed OMAHA, Neb., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the second quarter of 2020. Net loss attributable to the company was $8.2 million, or $(0.24) per diluted share, for the second quarter of 2020 compared with a net loss of $45.3 million, or $(1.13) per diluted share, for the same period in 2019. Revenues were $418.0 million for the second quarter of 2020 compared with $630.6 million for the same period last year. “Our efforts toward a total transformation of Green Plains continue to make progress as our second quarter saw benefits from all aspects of our plan,” said Todd Becker, president and chief executive officer. “Our positive second quarter adjusted EBITDA of $17.9 million and positive free cash flow resulted from contributions of our high-quality alcohol production, Project 24 initiatives, high protein production and another record quarter in our cattle business. Overall, our production platform achieved the highest per gallon margin in seven quarters. Our results included a positive contribution from our York, Nebraska biorefinery as we executed on a number of sales into the sanitizer and disinfectant markets. Our proudest and most impactful initiative of the quarter came from our employees who led efforts to get cleaning products containing York’s high-quality alcohol into local communities through our donation program to help stop the spread of COVID-19.” The Company continued to execute on its Project 24 and protein strategy initiatives during the quarter. In July, Green Plains Fairmont completed its Proje...