Green Plains: Q1 2017 Results

Green Plains Inc. hat den Verlust im ersten Quartal deutlich verringert. 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 bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

    Net loss of $3.6 million, or $(0.09) per diluted share
    EBITDA of $43.8 million, up $49.6 million from prior year’s first quarter
    Solid performance from non-ethanol segments

OMAHA, Nebraska - Green Plains Inc. (GPRE) announced financial results for the first quarter of 2017. Net loss attributable to the company was $3.6 million, or $(0.09) per diluted share, for the first quarter of 2017 compared with net loss of $24.1 million, or $(0.63) per diluted share, for the same period in 2016. Revenues were $887.7 million for the first quarter of 2017 compared with $749.2 million for the same period last year.

“We reported a nearly $50 million improvement in EBITDA year over year despite a seasonally soft first quarter,” said Todd Becker, president and chief executive officer. “We had solid earnings contributions from our non-ethanol businesses during the quarter, with both Green Plains Cattle and Fleischmann’s Vinegar reporting record quarters. We continue to diversify our revenue and income streams with a more balanced portfolio of businesses to minimize the impact of a soft ethanol quarter.”

During the first quarter, Green Plains produced 326.4 million gallons of ethanol compared with 247.0 million gallons for the same period in 2016. The consolidated ethanol crush margin was $37.7 million, or $0.12 per gallon, for the first quarter of 2017 compared with $4.1 million, or $0.02 per gallon, for the same period in 2016. 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.

“U.S. ethanol exports have started 2017 stronger than any year on record and we have continued to focus on international markets, exporting approximately 20% of our production in the first quarter,” Becker added. “Global demand for each of the products we produce, whether ethanol, corn oil or distillers grains, is strong and we are well positioned to benefit from these opportunities.”

“We believe that 2017 could develop into a favorable year for ethanol margins as the forward curve is stronger going into the summer driving season compared with 2016. Our focus is to drive free cash flow in the current environment and further strengthen our balance sheet in 2017.”

Recent Developments

    On April 25, 2017, Green Plains Cattle Company LLC entered into an asset purchase agreement to acquire two cattle-feeding operations for $36.7 million, excluding working capital. The transaction includes feed yards located in Leoti, Kan. and Yuma, Colo., adding combined cattle capacity of 155,000 head to the company’s operations, supported by a multi-year offtake agreement with Cargill Meat Solutions. The transaction is expected to be completed in May 2017 and be accretive to 2017 earnings. On April 28, 2017, Green Plains Cattle entered into an amendment of its senior secured asset-based revolving credit facility used to finance the working capital for all of the cattle feedlot operations. The amendment increases the maximum commitment from $100 million to $200 million until July 31, 2017, when it increases to $300 million. The maturity date was extended from October 31, 2017 to April 30, 2020

    On April 12, 2017, Green Plains entered into a privately negotiated agreement with a holder, on behalf of certain beneficial owners, of the company’s 3.25% Convertible Senior Notes due 2018. Under the agreement, approximately 1.3 million shares of the company’s common stock were exchanged for approximately $24.1 million in aggregate principal amount of the 2018 notes.

    In March 2017, Green Plains Cattle purchased a 30,000 head cattle feeding operation located approximately 20 miles from Green Plains’ Hereford, Texas ethanol facility.

Results of Operations
Consolidated revenues increased $138.5 million for the three months ended March 31, 2017, compared with the same period in 2016. Revenues were impacted by an increase in ethanol, corn oil and cattle volumes sold, plus the addition of Fleischmann’s Vinegar during the fourth quarter of 2016. This was partially offset by a decrease in grain trading activity volumes and lower average realized prices for grain and cattle.

Operating income increased $40.0 million for the three months ended March 31, 2017, compared with the same period last year primarily due to increased margins on ethanol and cattle production. Interest expense increased $7.7 million for the three months ended March 31, 2017, compared with the same period in 2016, primarily due to higher average debt outstanding and borrowing costs. Income tax benefit was $2.4 million for the three months ended March 31, 2017, compared with $14.9 million for the same period in 2016.

Earnings before interest, income taxes, depreciation and amortization (EBITDA) for the first quarter of 2017 was $43.8 million compared with $(5.8) million for the same period last year.

Segment Information
During the fourth quarter of 2016, management restructured its operating segments. The four segments are: (1) ethanol production, which includes ethanol, distillers grains and corn oil production, (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading, (3) food and ingredients, which includes the vinegar, cattle feedlot and food-grade corn oil operations and (4) partnership, which includes fuel storage and transportation services. Intercompany fees charged to the ethanol production segment for storage and logistics services, grain procurement and product sales are included in the partnership, and agribusiness and energy services segments and eliminated upon consolidation. Third party costs of grain consumed and revenues from product sales are reported directly in the ethanol production segment. Prior periods have been reclassified to conform to the revised segment presentation.

Liquidity and Capital Resources  
On March 31, 2017, Green Plains had $295.4 million in total cash and cash equivalents, and $129.2 million available under revolving credit agreements, some of which are subject to restrictions and other lending conditions. Total debt outstanding was $1,124.8 million, including $335.7 million outstanding under working capital revolvers and other short-term borrowing arrangements for the agribusiness and energy services, and the food and ingredients segments at March 31, 2017.

About Green Plains Inc.
Green Plains Inc. (GPRE) is a diversified commodity-processing business with operations related to ethanol production, grain handling and storage, cattle feedlots, food ingredients, and commodity marketing and logistics 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 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

About Green Plains Partners LP
Green Plains Partners LP (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
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