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Green Plains: Q3 Results

Green Plains Inc. meldet einen Gewinnsprung im dritten Quartal. Wir veröffentlichen die Mitteilung der Spezialistin für die Speicherung und den Transport von Biotreibstoff dazu im Wortlaut.

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.


    Net income attributable to the company of $7.9 million, or $0.20 per diluted share
    Company completes nearly $500 million in acquisitions over the last 45 days
    Based on current markets, the company expects a stronger fourth quarter

OMAHA, Nebraska -- Green Plains Inc. (NASDAQ:GPRE) announced financial results for the third quarter of 2016. Net income attributable to the company was $7.9 million, or $0.20 per diluted share, for the third quarter of 2016 compared with net income of $6.2 million, or $0.16 per diluted share, for the same period in 2015. Revenues were $841.9 million for the third quarter of 2016 compared with $742.8 million for the same period last year.

"We generated $42 million of segment operating income for the third quarter of 2016, which is our best performance since the end of 2014. Based on current markets, we expect a stronger fourth quarter," said Todd Becker, president and chief executive officer. "We have grown significantly over the last year as we have increased our ethanol production capacity organically and through acquisitions by nearly 50 percent to approximately 1.5 billion gallons per year, and acquired Fleischmann's Vinegar Company. We continue to focus on our core competencies as we efficiently integrate these acquisitions and aggressively grow our platform to create long-term shareholder value."

During the third quarter, Green Plains produced 292.2 million gallons of ethanol compared with 215.6 million gallons for the same period in 2015. The consolidated ethanol crush margin was $52.6 million, or $0.18 per gallon, for the third quarter of 2016 compared with $34.9 million, or $0.16 per gallon, for the same period in 2015. The consolidated ethanol crush margin is the ethanol production segment's operating income before depreciation and amortization, which includes corn oil production, plus intercompany storage, transportation and other fees, net of related expenses.

Revenues were $2.5 billion for the nine-month period ended Sept. 30, 2016, compared with $2.2 billion for the same period in 2015. Net loss for the nine-month period ended Sept. 30, 2016, was $(8.0) million, or $(0.21) per diluted share, compared with net income of $10.7 million, or $0.27 per diluted share, for the same period in 2015.

"We experienced a stable ethanol margin environment in the third quarter as we continued to see strong ethanol demand worldwide driven by increasing consumption of gasoline and broader appetites for an efficient source of octane," added Becker. "As we continue to expand and diversify our operations, we expect to immediately benefit from the recently acquired businesses."

Recent Highlights

    On Aug. 15, 2016, Green Plains completed a private offering of $170 million aggregate principal amount of 4.125% convertible senior notes that will mature on Sept. 1, 2022. The net proceeds from the offering were used to finance the recent acquisitions.
    
    On Sept. 23, 2016, Green Plains acquired three ethanol plants located in Madison, Ill., Mount Vernon, Ind. and York. Neb. for approximately $237 million in cash plus certain working capital adjustments from Abengoa BioEnergy. Concurrently, the ethanol storage assets were sold to Green Plains Partners LP for $90 million. All three plants are currently operational and will add 236 million gallons per year of ethanol production capacity.
    
    On Oct. 3, 2016, Green Plains acquired SCI Ingredients Holdings, Inc. and its wholly owned subsidiary, Fleischmann's Vinegar Company, Inc., for approximately $250 million, financing the transaction with $135 million of debt and the balance with cash on hand. Fleischmann's Vinegar Company will operate as a standalone business.

Results of Operations
Consolidated revenues increased $99.1 million for the three months ended Sept. 30, 2016, compared with the same period in 2015. Revenues from ethanol, corn oil and cattle sales increased $82.7 million, $20.9 million and $13.1 million, respectively, while revenues from grain decreased $17.1 million. Ethanol and cattle revenues were affected by increased volumes sold, partially offset by lower average realized prices. Corn oil revenues were impacted by increased volumes sold. Grain revenues were impacted by both lower volumes sold and lower average realized prices.

Operating income increased $11.0 million for the three months ended Sept. 30, 2016, compared with the same period last year primarily due to increased margins on ethanol production and cattle. Interest expense increased $1.6 million for the three months ended Sept. 30, 2016, compared with the same period last year primarily due to higher average debt outstanding. Income tax expense was $5.1 million for the three months ended Sept. 30, 2016, compared with income tax benefit of $0.6 million for the same period in 2015.

Earnings before interest, income taxes, depreciation and amortization (EBITDA) for the third quarter of 2016 was $49.1 million compared with $36.3 million for the same period last year.

Liquidity and Capital Resources
On Sept. 30, 2016, Green Plains had $441.6 million in cash and cash equivalents, and $168.9 million available under revolving credit agreements, some of which are subject to restrictions and other lending conditions. Total debt outstanding was $923.5 million, including $229.1 million outstanding under working capital revolvers and other short-term borrowing arrangements for the marketing and distribution, and agribusiness segments at Sept. 30, 2016.

About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a diversified commodity-processing business with operations related to ethanol, distillers grains and corn oil production; grain handling and storage; a cattle feedlot; and commodity marketing and distribution services. The company is the second largest consolidated owner of ethanol production facilities in the world, with 17 dry mill plants, producing nearly 1.5 billion gallons of ethanol at full capacity. Green Plains, through its wholly owned subsidiary Fleischmann's Vinegar Company, provides specialized ingredient solutions for leading food and feed manufacturers. Green Plains owns a 62.5% limited partner interest and a 2.0% general partner interest in Green Plains Partners. For more information about Green Plains, visit www.gpreinc.com.

About Green Plains Partners LP
Green Plains Partners LP (NASDAQ:GPP) is a fee-based Delaware limited partnership formed by Green Plains Inc. to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. For more information about Green Plains Partners, visit www.greenplainspartners.com

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