Press release
Green Plains Reports Third Quarter 2020 Financial Results
Results for the Third Quarter of 2020 and Fourth Quarter Outlook: Net loss attributable to the company of $34.5 million, or $(1.00) per diluted share,
About this update from Green Plains, Inc.
[{"type":"text","content":"Results for the Third Quarter of 2020 and Fourth Quarter Outlook:\n Net loss attributable to the company of $34.5 million, or $(1.00) per diluted share, inclusive of a non-cash income tax charge of $13.8 million related to adjustments in the company’s deferred taxesAdjusted EBITDA of $8.8 million and free cash flow positive of $8.8 millionCash, cash equivalents and restricted cash of $182.3 million; $349.8 million available under committed loan facilitiesExpecting stronger fourth quarter results based on current market conditions, expected higher operating rates, and anticipated completion of USP upgrade at the York, Neb. locationGreen Plains Obion LLC has been selected as the third location to install Fluid Quip Technologies’ high protein system; with completion expected by the end of 2021 OMAHA, Neb., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the third quarter of 2020. Net loss attributable to the company was $34.5 million, or $(1.00) per diluted share, inclusive of a non-cash income tax charge of $13.8 million, for the third quarter of 2020 compared with a net loss of $39.0 million, or $(1.06) per diluted share, for the same period in 2019. Revenues were $424.1 million for the third quarter of 2020 compared with $632.4 million for the same period last year. “Our third quarter results improved significantly over the prior year with a consolidated crush margin of 8 cents per gallon and EBITDA of $8.8 million. Margins this quarter included nearly 6 cents per gallon of negative absorption due to lower utilization rates resulting from Project 24 upgrades, regional market conditions, and scheduled biannual plant maintenance,” said Todd Becker, president and chief executive officer. “We were pleased with the performance of our operating plants which earned approximately 14 cents per gallon consolidated crush margin during the quarter, with the expectation that these results would improve further as we continue to progress on our Project 24 initiative. Our results were also impacted by the deferment of scheduled third quarter high grade alcohol sales deliveries from our York location into the next two quarters, as a number of customers elected to wait until our upgrade to USP grade alcohol is completed in the fourth quarter. We anticipate a stronger fourth quarter based on...