Green Plains: Q4 and Full Year 2015 Results
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.
OMAHA, Nebraska - Green Plains Inc. (NASDAQ:GPRE) announced its financial results for the fourth quarter of 2015. Net income attributable to the company for the quarter was a loss of $(3.6) million, or $(0.09) per diluted share, compared with net income of $42.2 million, or $1.07 per diluted share, for the same period in 2014. Revenues were $739.9 million for the fourth quarter of 2015 compared with $829.9 million for the same period last year.
"The company performed well in a challenging margin environment with over $32 million in EBITDA this quarter," stated Todd Becker, president and chief executive officer. "We were profitable before tax but an unusually high effective tax rate led to a small EPS loss this quarter. With that said, we achieved a record 261 million gallons of ethanol production for the fourth quarter of 2015 and benefitted from our diversified platform. Our agribusiness, marketing and distribution, and partnership segments all reported solid results for the fourth quarter."
During the fourth quarter, Green Plains' ethanol production totaled 260.8 million gallons, or approximately 93.9% of its daily average production capacity. The consolidated ethanol crush margin was $29.8 million, or $0.11 per gallon, for the fourth quarter of 2015, compared with $94.2 million, or $0.38 per gallon, for the same period in 2014. 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.
Revenues were $3.0 billion for the year ended Dec. 31, 2015, compared with $3.2 billion for the same period in 2014. Net income attributable to Green Plains for the twelve months ended Dec. 31, 2015, was $7.1 million, or $0.18 per diluted share, compared with net income of $159.5 million, or $3.96 per diluted share, for the same period last year.
"Even with strong global and domestic ethanol blending growth, U.S. production continues to outpace demand for the time being," continued Becker. "We are carefully managing our supply chain and production levels in the first quarter until the forward curve shows some measurable improvement as we approach stronger seasonal demand."
Earnings before interest, income taxes, depreciation and amortization (EBITDA) for the fourth quarter of 2015 was $32.5 million compared with $91.1 million for the same period last year. EBITDA was $127.8 million for the twelve months ended Dec. 31, 2015, compared with $352.5 million for the same period last year. Green Plains had $411.9 million in cash and equivalents and $248.0 million available under revolving credit agreements, some of which are subject to restrictions and other lending conditions, at Dec. 31, 2015. Total debt was $675.0 million, including $226.9 million outstanding under working capital revolvers and other short-term borrowing arrangements for the marketing and distribution and agribusiness segments at Dec. 31, 2015.
2015 Fourth Quarter Highlights and Recent Developments
On Oct. 26, 2015, Green Plains announced it had acquired an ethanol production facility in Hopewell, Va. Operating at full capacity, the dry mill ethanol plant will increase the company's annual production capacity by approximately 60 million gallons.
Green Plains completed the purchase of an ethanol production facility located in Hereford, Texas with approximately 100 million gallons of annual production capacity. The transaction closed on Nov. 12, 2015.
Effective Jan. 1, 2016, Green Plains sold the storage and transportation assets of the Hopewell and Hereford ethanol production facilities to Green Plains Partners for $62.5 million.
Fourth Quarter 2015 Conference Call Information
On Feb. 11, 2016, Green Plains Inc. and Green Plains Partners will host a joint conference call at 11 a.m. Eastern time (10 a.m. Central time) to discuss fourth quarter 2015 financial results for each company. Domestic and international participants can access the conference call by dialing 888.293.6979 and 719.325.2234, respectively. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation can be accessed on Green Plains' website at http://investor.gpreinc.com/events.cfm.
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 processes 12 million tons of corn annually, producing over 1.2 billion gallons of ethanol, approximately 3.4 million tons of livestock feed and 275 million pounds of industrial grade corn oil 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 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