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Sep 30, 2024
Green Plains Q3 2024 Earnings Report
Reported strong financial results driven by operational excellence and strategic initiatives.
Key Takeaways
Green Plains reported a strong third quarter in 2024, with net income of $48.2 million, or $0.69 per diluted share, compared to $22.3 million, or $0.35 per diluted share, for the same period in 2023. The company achieved a plant utilization rate of 97% and record levels of Ultra-High Protein and renewable corn oil production. Revenues were $658.7 million, and EBITDA was $83.3 million, inclusive of a $30.7 million gain on sale of assets.
Net income attributable to Green Plains was $48.2 million, or EPS of $0.69 per diluted share.
EBITDA was $83.3 million, inclusive of a $30.7 million gain on sale of assets.
Consolidated crush margin was $58.3 million in the third quarter.
Plant utilization rate was 97%, extending track record of strong and improving operations.
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
Green Plains is focused on its 'Advantage Nebraska' strategy and expects construction of compression facilities to commence in the coming weeks, targeting operation in the second half of 2025. The company is also focused on growing market share in higher value pet and international aquaculture markets and is optimizing its Clean Sugar Technology deployment in Shenandoah.
Positive Outlook
- On track for second half of 2025 operation.
- 287 million gallons of capacity is on track to be decarbonized next year.
- Increasing and diversifying customer base for high protein ingredients.
- Delivered a production record of Ultra-high Protein in the quarter.
- Clean Sugar Technology deployment in Shenandoah is operational with samples sent to customers.
Challenges Ahead
- Share price does not reflect the value of decarbonization opportunity.
- Lower weighted average selling prices on ethanol, distillers grains and renewable corn oil.
- Lower volumes sold on ethanol and distillers grains within ethanol production segment.
- Revenues were also lower within agribusiness and energy services segment primarily due to lower weighted average ethanol trading prices.
- Interest expense increased $0.5 million for the three months ended September 30, 2024 compared with the same period in 2023 primarily due to higher loan fees in connection with the repayment of the Green Plains Partners term loan.
Revenue & Expenses
Visualization of income flow from segment revenue to net income