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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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