Press release
Green Plains Reports Second Quarter 2024 Financial Results
Results for the Second Quarter of 2024 and Future Outlook: Net loss attributable to Green Plains of $24.4 million, or EPS of $(0.38) per basic and diluted
About this update from Green Plains, Inc.
[{"type":"text","content":"\nResults for the Second Quarter of 2024 and Future Outlook:\n\n\n\nNet loss attributable to Green Plains of $24.4 million, or EPS of $(0.38) per basic and diluted share, compared to net loss attributable to Green Plains of $52.6 million, or $(0.89) per basic and diluted share, for the same period in 2023\n\n\n\nEBITDA of $4.8 million, a $19.7 million improvement compared to the prior year, driven by stronger ethanol production segment results, including consolidated crush margin of $22.7 million in the second quarter\n\n\n\nStrong EBITDA outlook for the third quarter and the second half of 2024 based on current markets, improvement of corn oil pricing, and Ultra-High Protein demand leading to profitable outlook for the third quarter\n\n\n\nAchieved record platform renewable corn oil yields for the quarter along with record Ultra-High Protein platform yields in June\n\n\n\nEntered into a definitive agreement to sell the unit train terminal in Birmingham, Ala., and will utilize the proceeds to help repay the outstanding balance of the Green Plains Partners term loan\n\n\n\nEngaged Bank of America as financial advisor and Vinson & Elkins LLP as legal advisor to assist in the strategic review process\n\n\n\n OMAHA, Neb.--(BUSINESS WIRE)--\nGreen Plains Inc. (NASDAQ:GPRE) (“Green Plains” or the “company”) today announced financial results for the second quarter of 2024. Net loss attributable to the company was $24.4 million, or $(0.38) per basic and diluted share, compared to net loss attributable to the company of $52.6 million, or ($0.89) per diluted share, for the same period in 2023. Revenues were $618.8 million for the second quarter of 2024 compared with $857.6 million for the same period last year. EBITDA was $4.8 million compared with ($15.0) million for the same period in the prior year.\n\n\n“While the second quarter started with continued weakness, margins began to improve heading into the third quarter and we expect to return to profitability for the quarter based on current markets across our products and setting up a stronger second half of the year overall,” said Todd Becker, President and Chief Executive Officer. “During the second quarter we continued to progress toward our transformation goals, from new high protein capacity to carbon capture to commissioning Clean Sugar. We saw consistent run rates across our plat...