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Mar 31, 2024
Green Plains Q1 2024 Earnings Report
Reported a net loss and lower revenues due to weaker margins across the product mix and industry oversupply, but is making progress in decarbonization and higher protein production.
Key Takeaways
Green Plains Inc. reported a net loss attributable to the company of $51.4 million, or ($0.81) per diluted share, compared to a net loss of $70.3 million, or ($1.20) per diluted share, for the same period in 2023. Revenues were $597.2 million, down from $832.9 million in the same period last year. The company is focused on decarbonizing assets and increasing higher protein production.
EPS of ($0.81) per basic and diluted share compared to EPS of ($1.20) per basic and diluted share for the same period in the prior year.
Announced new specialty feed ingredient brand: Sequence™ with current sales equivalent to approximately 10% of current high protein production capacity with targets of 20-30% of our capacity expected to be met by year end.
World’s first commercial scale Clean Sugar Technology (CST™) facility in Shenandoah, Iowa, is mechanically complete and in the commissioning phase, with shipments to customers beginning in the second quarter of 2024.
First turnkey joint venture MSC™ facility, GP Turnkey Tharaldson LLC, in Casselton, North Dakota, is in commissioning and anticipating to ship the first commercial quantities during the second quarter of 2024.
Revenue by Segment
Forward Guidance
The outlook for the second quarter has improved and the company is well positioned to participate in this upside through the remainder of the year.
Positive Outlook
- Ethanol at a significant discount to wholesale gasoline as we move into summer driving season.
- Anticipate driving demand will begin to pick up.
- Anticipate demand will draw down stocks.
- Margins have come off of their lows across our platform.
- The outlook for the second quarter has improved.
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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