Press release
Green Plains Reports Second Quarter 2023 Financial Results
Results for the Second Quarter of 2023 and Future Outlook: EPS of ($0.89) per diluted share, compared to EPS of $0.73 per diluted share for the same period
About this update from Green Plains, Inc.
[{"type":"text","content":"\nResults for the Second Quarter of 2023 and Future Outlook:\n\n\n\nEPS of ($0.89) per diluted share, compared to EPS of $0.73 per diluted share for the same period in the prior year\n\n\n\nConsolidated crush margin of $0.01 per gallon for the second quarter, inclusive of a significant negative earnings impact from Wood River not operating for a majority of the quarter, and additional planned and unplanned downtime, which positions the company for strong last half 2023 operational performance\n\n\n\nOutlook for the second half of 2023 materially stronger based on current industry margins, strong year-over-year Ultra-High Protein sales with expanding margin structure, recovery of renewable corn oil pricing and the return to full production operating rates\n\n\n\nKey milestones to achieve 2025 EBITDA outlook remain on track, as well as favorable financial growth for the decarbonization strategy and 60% protein strategy\n\n\n\nDedicating up to 20% of Ultra-High Protein production capacity to fulfill successful commercialization of 60% protein concentrations\n\n\n\n OMAHA, Neb.--(BUSINESS WIRE)--\nGreen Plains Inc. (NASDAQ:GPRE) today announced financial results for the second quarter of 2023. Net loss attributable to the company was $52.6 million, or ($0.89) per diluted share, compared to net income attributable to the company of $46.4 million, or $0.73 per diluted share, for the same period in 2022. Revenues were $857.6 million for the second quarter of 2023 compared with $1,012.4 million for the same period last year. EBITDA of ($15.0) million compared to $84.4 million inclusive of a USDA COVID-19 relief payment of $27.7 million for the same period in the prior year.\n\n\n“The quarter was negatively impacted by unfortunate events that operationally have now been rectified, and our system is once again operating near full capacity in order to take advantage of solid fundamentals for the last half of 2023 across all of our products, when we expect to show the financial capability of the first stage of our transformation,” said Todd Becker, President and Chief Executive Officer. “In addition to the significant impact of our Wood River plant being down most of the quarter, which we expect partial insurance recovery in the last half for this event, we experienced planned and unplanned downtime at many of our largest facilities that al...