Press release
Green Plains Reports Second Quarter 2022 Financial Results
Results for the Second Quarter of 2022: Second quarter net income attributable to Green Plains of $46.4 million and EPS of $0.73 per diluted share, compared
About this update from Green Plains, Inc.
[{"type":"text","content":"Results for the Second Quarter of 2022: Second quarter net income attributable to Green Plains of $46.4 million and EPS of $0.73 per diluted share, compared to net income attributable to Green Plains of $9.7 million and EPS of $0.20 per diluted share for the same period in the prior yearEBITDA of $84.4 million, inclusive of a USDA COVID relief payment of $27.7 million, compared to $50.9 million for the same period in the prior yearConsolidated crush margin of $0.28 per gallon for the second quarterPlant utilization rate of 96.9%, demonstrating the ability of our upgraded production platform$604.2 million of cash, cash equivalents, restricted cash and marketable securities; $70.0 million available under a committed credit facilityCommissioning of the MSC™ system in Central City, Nebraska, began in July and anticipate commissioning of the systems in Mount Vernon, Indiana, and Obion, Tennessee, to begin in the coming months OMAHA, Neb., Aug. 02, 2022 (GLOBE NEWSWIRE) -- Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the second quarter of 2022. Net income attributable to the company was $46.4 million, or $0.73 per diluted share compared to net income of $9.7 million or $0.20 per diluted share, for the same period in 2021. Revenues were $1,012.4 million for the second quarter of 2022 compared with $724.4 million for the same period last year. “During the second quarter we achieved strong operating results and generated significant positive free cash flow,” said Todd Becker, President and Chief Executive Officer. “Our modernization and transformation program led to strong plant utilization rates and we also benefitted from non-ethanol contributions such as renewable corn oil and Ultra-High Protein. The results include $27.7 million in COVID relief from the USDA Biofuel Producer Program, offsetting some of the losses experienced in 2020. Even without this payment, our performance was the result of years of planning and execution allowing us to operate at historically high run rates of 97%, which puts us in a strong position to bring additional MSC capacity online in the coming quarters.” “Execution of our transformation remains our key focus,” continued Becker. “Our three MSC locations under construction today are anticipated to come online in the third and fourth quarter with Central City currently in the startu...