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Mar 31, 2023
Green Plains Q1 2023 Earnings Report
Reported a net loss due to lower agribusiness and energy services segment trading margins and higher depreciation expense, but margins have improved substantially across the platform.
Key Takeaways
Green Plains Inc. reported a net loss of $70.3 million, or ($1.20) per share, compared to a net loss of $61.5 million, or ($1.16) per share, for the same period last year. Revenues were $832.9 million compared to $781.4 million for the same period last year.
Achieved full production operating rates for Ultra-High Protein across five MSC locations.
Sold 52,000 tons of Ultra-High Protein in the first quarter, an increase of 40,000 tons over the same period in the prior year.
Consolidated crush margin of ($0.07) per gallon for the first quarter.
Financial position remains strong with $408.3 million of cash and cash equivalents, and $159.0 million available under a committed credit facility.
Green Plains
Green Plains
Green Plains Revenue by Segment
Revenue by Segment
Ethanol Production Revenue
CapyFin.comAgribusiness and Energy Services Revenue
CapyFin.com Forward Guidance
The outlook for the second quarter and beyond has improved, and the company is well-positioned to participate in the upside, with margins now positive for the next several quarters.
Positive Outlook
- Margins have improved substantially across the platform.
- Most of the platform is back to full production rates.
- Strong driving demand in recent weeks.
- Growth in nationwide E15 blending.
- Larger initial corn acreage indication.
Challenges Ahead
- Still waiting for Wood River facility to return to operation.
- Net loss attributable to Green Plains increased $8.9 million for the three months ended March 31, 2023.
- Lower agribusiness and energy services segment trading margins.
- Higher depreciation expense.
- Income tax expense was $3.4 million for the three months ended March 31, 2023, compared with income tax benefit of $1.2 million for the same period in 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income