Green Plains Reports First Quarter 2024 Financial Results
Green Plains Inc. reported a net loss of $51.4 million in the first quarter of 2024, with an EPS of ($0.81) compared to an EPS of ($1.20) in the same period last year. Revenues were $597.2 million, down from $832.9 million in 2023. EBITDA was ($21.5) million, an improvement from ($27.7) million in the prior year. Margins were impacted by industry oversupply and lower prices due to a mild winter. The company announced the launch of new specialty feed brand Sequence™ and the world's first commercial-scale Clean Sugar Technology facility. Late-stage negotiations for dextrose corn syrups sales agreements are ongoing.
Improved EBITDA from ($27.7) million to ($21.5) million compared to the same period last year.
Announced the launch of new specialty feed brand Sequence™ with sales equivalent to 10% of high protein production capacity.
Completion of the world's first commercial-scale Clean Sugar Technology facility in Shenandoah, Iowa.
Net loss of $51.4 million in the first quarter of 2024.
Decline in revenues from $832.9 million in 2023 to $597.2 million in 2024.
Weaker margins due to industry oversupply and lower prices during a mild winter.
Insights
Green Plains Inc.'s first-quarter financial results of 2024 indicate a continued net loss, although the loss per share has decreased from the previous year. This suggests a reduced negative impact on shareholder equity relative to the amount of loss incurred. The company's revenue has declined significantly, potentially reflecting a decrease in product prices or sales volumes. This contraction in revenue, despite a marginal increase in ethanol sold, could signal a challenging market environment or increased competition affecting the company's pricing power.
Additionally, the introduction of the new specialty feed ingredient brand, Sequence™ and the commissioning of the Clean Sugar Technology (CST™) facility represent potential future growth avenues. However, the current contribution of Sequence™ to the company's high protein production capacity is modest. The anticipated growth to 20-30% capacity utilization by year end could be a positive indicator for the company's revenue diversification and margin improvement if targets are met.
From a liquidity perspective, Green Plains' total cash and available credit suggest a stable financial position for near-term operations. However, investors should consider the high total debt in the context of the company's loss-making status, which could be a concern if the company's strategic initiatives don't lead to a turnaround in profitability.
The ethanol and renewable energy sector is highly sensitive to policy changes, market demand for renewable products and feedstock prices. Green Plains' focus on decarbonization and the 'Advantage Nebraska' strategy indicate an alignment with the broader industry shift towards sustainability, which could benefit the company in the long term, especially with the anticipated role of decarbonized alcohol in markets like Sustainable Aviation Fuel.
As the company progresses towards its goals, the decarbonization project and its pipeline partnership could set new industry benchmarks. However, the market conditions described for the ethanol segment suggest an oversupply situation, which could continue to put pressure on margins despite a marginal improvement from the first quarter lows. For investors, the key will be to monitor Green Plains' ability to navigate this oversupply and how effectively its high protein and specialty ingredient brands like Sequence™ gain market traction.
The technological advancements highlighted, such as the CST™ facility and the MSC™ facility with Tharaldson, could represent a competitive edge for Green Plains. The CST™ facility, being the first of its kind, suggests an innovative approach that could disrupt traditional supply sources and potentially create new revenue streams. The interest from various industries in this technology is promising, but it is important to note that commercial success depends on achieving food grade certification and securing customer commitments.
Moreover, the strategic partnership with Tharaldson Ethanol has expanded the company's production capacity, which might improve economies of scale. However, the success of these technologies and partnerships rests on the company's execution capabilities and market demand for these innovative products. Long-term investors should consider the potential of these technologies to contribute to the company's growth and profitability.
Results for the First Quarter of 2024:
-
EPS of (
$0.81 $1.20 -
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 - Late stage negotiations on multi-year sales agreements for dextrose corn syrups with key bilateral partners and continue to engage in robust discussions for additional sales commitments with companies in food and beverage sectors
-
Nebraska decarbonization project remains on track for 2025 start up, and pipeline partner announced a first-of-its-kind Community Benefits Agreement, setting a new precedent for pipeline infrastructure development
“Margins in the first quarter were weaker across our product mix and we were impacted by industry oversupply during a mild winter leading to stock builds and lower prices realized, though margins have improved from the first quarter lows, and compared to this time frame in prior years the forward curve looks better for the rest of the year,” said Todd Becker, President and Chief Executive Officer. “Although our assets continue to run well, with a plant utilization rate of
“Since our transformation was announced, a significant opportunity to decarbonize our assets and products came into view, and we believe that we are in an advantaged position at the forefront of a major policy shift,” commented Becker. “With our 'Advantage Nebraska' approach, we are focused on reallocating capital to those assets where we expect to be sequestering carbon in just over a year. We are actively exploring how to fully capitalize on our first-mover status at scale, including potential capacity expansions at our
“We continue to make progress in producing and selling higher protein concentrations, with an eye towards moving the entire platform to
“The world’s first commercial-scale Clean Sugar Technology facility in
“After a soft start to the year, margins have come off of their lows across our platform, and with ethanol at a significant discount to wholesale gasoline as we move into summer driving season, we anticipate driving demand will begin to pick up and draw down stocks,” concluded Becker. “The outlook for the second quarter has improved and we are well positioned to participate in this upside through the remainder of the year.”
Highlights and Recent Developments
- Released fourth annual Sustainability Report, highlighting continued progress on our carbon reduction strategies, advancements in technology innovations and partnerships, and attainment of certifications for food safety and sustainability
-
MSC™ turnkey partner Tharaldson Ethanol in
Casselton, North Dakota , began operating in the second quarter bringing total Ultra-High Protein production capacity to 430,000 tons per year -
Commissioning of the York,
Nebraska , demonstration facility combining Fluid Quip Technologies’ precision separation and processing technology (MSC™) with Shell Fiber Conversion Technology (SFCT) started during the first quarter of 2024 - Completed acquisition of remaining interest in Green Plains Partners LP, (the Merger) on January 9, 2024 streamlining operations and improving efficiencies
Results of Operations
Green Plains’ ethanol production segment sold 207.9 million gallons of ethanol during the first quarter of 2024, compared with 206.9 million gallons for the same period in 2023. The consolidated ethanol crush margin was
Consolidated revenues decreased
Net loss attributable to Green Plains decreased
Segment Information
The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities.
As a result of the Merger, the partnership's operations are included in the ethanol production operating segment. The following changes were made to the company's operating segments:
- The revenue and operating results from fuel storage and transportation services previously disclosed within the partnership segment are now included within the ethanol production segment.
- Intersegment activities between the partnership and Green Plains Trade associated with ethanol storage and transportation services previously treated like third-party transactions and eliminated on a consolidated level are now eliminated within the ethanol production segment.
Intersegment activities between the partnership and Green Plains Trade associated with terminal services transacted with the agribusiness and energy services segment will continue to be eliminated on a consolidated level.
GREEN PLAINS INC. SEGMENT OPERATIONS (unaudited, in thousands) |
|||||||||
|
Three Months Ended
|
||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% Var. |
Revenues |
|
|
|
|
|
||||
Ethanol production |
$ |
505,659 |
|
|
$ |
697,718 |
|
|
(27.5)% |
Agribusiness and energy services |
|
98,996 |
|
|
|
142,386 |
|
|
(30.5) |
Intersegment eliminations |
|
(7,441 |
) |
|
|
(7,155 |
) |
|
4.0 |
|
$ |
597,214 |
|
|
$ |
832,949 |
|
|
(28.3)% |
|
|
|
|
|
|
||||
Gross margin |
|
|
|
|
|
||||
Ethanol production (1) |
$ |
(2,643 |
) |
|
$ |
(8,415 |
) |
|
(68.6)% |
Agribusiness and energy services |
|
11,010 |
|
|
|
9,106 |
|
|
20.9 |
|
$ |
8,367 |
|
|
$ |
691 |
|
|
*% |
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
|
|
|
||||
Ethanol production |
$ |
20,534 |
|
|
$ |
23,754 |
|
|
(13.6)% |
Agribusiness and energy services |
|
505 |
|
|
|
813 |
|
|
(37.9) |
Corporate activities |
|
448 |
|
|
|
819 |
|
|
(45.3) |
|
$ |
21,487 |
|
|
$ |
25,386 |
|
|
(15.4)% |
|
|
|
|
|
|
||||
Operating income (loss) |
|
|
|
|
|
||||
Ethanol production (2) |
$ |
(33,653 |
) |
|
$ |
(41,950 |
) |
|
(19.8)% |
Agribusiness and energy services |
|
6,004 |
|
|
|
4,126 |
|
|
45.5 |
Corporate activities |
|
(17,240 |
) |
|
|
(18,716 |
) |
|
(7.9) |
|
$ |
(44,889 |
) |
|
$ |
(56,540 |
) |
|
(20.6)% |
|
|
|
|
|
|
||||
Adjusted EBITDA |
|
|
|
|
|
||||
Ethanol production (2) |
$ |
(13,621 |
) |
|
$ |
(17,804 |
) |
|
(23.5)% |
Agribusiness and energy services |
|
7,056 |
|
|
|
5,227 |
|
|
35.0 |
Corporate activities |
|
(14,955 |
) |
|
|
(15,119 |
) |
|
(1.1) |
EBITDA |
|
(21,520 |
) |
|
|
(27,696 |
) |
|
(22.3) |
Proportional share of EBITDA adjustments to equity method investees |
|
45 |
|
|
|
45 |
|
|
— |
|
$ |
(21,475 |
) |
|
$ |
(27,651 |
) |
|
(22.3)% |
(1) Costs historically reported as operations and maintenance expenses in the consolidated statements of operations are now being reported within cost of goods sold, resulting in increased cost of goods sold and decreased gross margin within the ethanol production segment.
(2) Ethanol production includes an inventory lower of average cost or net realizable value adjustment of
* Percentage variance not considered meaningful |
|||||||||
GREEN PLAINS INC. SELECTED OPERATING DATA (unaudited, in thousands) |
|||||
|
Three Months Ended
|
||||
|
2024 |
|
2023 |
|
% Var. |
|
|
|
|
|
|
Ethanol production |
|
|
|
|
|
Ethanol sold (gallons) |
207,904 |
|
206,880 |
|
|
Distillers grains sold (equivalent dried tons) |
469 |
|
482 |
|
(2.7) |
Ultra-High Protein sold (tons) |
60 |
|
52 |
|
15.4 |
Renewable corn oil sold (pounds) |
66,721 |
|
68,011 |
|
(1.9) |
Corn consumed (bushels) |
71,274 |
|
71,235 |
|
0.1 |
|
|
|
|
|
|
Agribusiness and energy services (1) |
|
|
|
|
|
Ethanol sold (gallons) |
257,271 |
|
260,656 |
|
(1.3) |
(1) Includes gallons from the ethanol production segment |
|||||
GREEN PLAINS INC. CONSOLIDATED CRUSH MARGIN (unaudited, in thousands) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
||||
|
|
|
|
||||
Ethanol production operating loss (1) |
$ |
(33,653 |
) |
|
$ |
(41,950 |
) |
Depreciation and amortization |
|
20,534 |
|
|
|
23,754 |
|
Adjusted ethanol production operating loss |
|
(13,119 |
) |
|
|
(18,196 |
) |
Intercompany marketing and agribusiness fees, net (2) |
|
3,837 |
|
|
|
5,662 |
|
Consolidated ethanol crush margin |
$ |
(9,282 |
) |
|
$ |
(12,534 |
) |
(1) Ethanol production includes an inventory lower of average cost or net realizable value adjustment of
(2) The three months ended March 31, 2024 and 2023, includes |
|||||||
Liquidity and Capital Resources
As of March 31, 2024, Green Plains had
Conference Call Information
On May 3, 2024, Green Plains Inc. will host a conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss first quarter 2024 operating results. Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation will be accessible on Green Plains website https://investor.gpreinc.com/events-and-presentations.
Non-GAAP Financial Measures
Management uses EBITDA, adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company’s financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the change in right-of-use assets and debt issuance costs. Adjusted EBITDA includes adjustments related to our proportional share of EBITDA adjustments of our equity method investees. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with
About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on the development and utilization of fermentation, agricultural and biological technologies in the processing of annually renewable crops into sustainable value-added ingredients. This includes the production of cleaner low carbon biofuels and renewable feedstocks for advanced biofuels. Green Plains is an innovative producer of Sequence™ and novel ingredients for animal and aquaculture diets to help satisfy a growing global appetite for sustainable protein. For more information, visit www.gpreinc.com.
Forward-Looking Statements
All statements in this press release (and oral statements made regarding the subjects of this communication), including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Without limiting the generality of the foregoing, forward-looking statements contained in this communication include statements relying on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the company, which could cause actual results to differ materially from such statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include, but are not limited to the expected future growth, dividends and distributions; and plans and objectives of management for future operations. Forward-looking statements may be identified by words such as “believe,” “intend,” “expect,” “may,” “should,” “will,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project” and variations of these words or similar expressions (or the negative versions of such words or expressions). While the company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: the failure to realize the anticipated results from the new products being developed; the failure to realize the anticipated costs savings or other benefits of the merger; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics, such as the COVID-19 outbreak; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions; the financial condition of the company’s customers; any non-performance by customers of their contractual obligations; changes in customer, employee or supplier relationships resulting from the merger; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; risks related to our equity method investees; the results of any reviews, investigations or other proceedings by government authorities; and the performance of the company.
The foregoing list of factors is not exhaustive. The forward-looking statements in this press release speak only as of the date they are made and the company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws. We have based these forward-looking statements on our current expectations and assumptions about future events. While the company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the company’s control. These risks, contingencies and uncertainties relate to, among other matters, the risks and uncertainties set forth in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”), and any subsequent reports filed by the company with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
GREEN PLAINS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
|||||
|
March 31,
|
|
December 31,
|
||
|
(unaudited) |
|
|
||
ASSETS |
|||||
Current assets |
|
|
|
||
Cash and cash equivalents |
$ |
237,302 |
|
$ |
349,574 |
Restricted cash |
|
40,080 |
|
|
29,188 |
Accounts receivable, net |
|
87,556 |
|
|
94,446 |
Income taxes receivable |
|
716 |
|
|
822 |
Inventories |
|
191,149 |
|
|
215,810 |
Other current assets |
|
31,638 |
|
|
42,890 |
Total current assets |
|
588,441 |
|
|
732,730 |
Property and equipment, net |
|
1,022,041 |
|
|
1,021,928 |
Operating lease right-of-use assets |
|
75,236 |
|
|
73,993 |
Other assets |
|
113,717 |
|
|
110,671 |
Total assets |
$ |
1,799,435 |
|
$ |
1,939,322 |
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
Current liabilities |
|
|
|
||
Accounts payable |
$ |
123,573 |
|
$ |
186,643 |
Accrued and other liabilities |
|
50,346 |
|
|
57,029 |
Derivative financial instruments |
|
6,687 |
|
|
10,577 |
Operating lease current liabilities |
|
23,930 |
|
|
22,908 |
Short-term notes payable and other borrowings |
|
130,038 |
|
|
105,973 |
Current maturities of long-term debt |
|
1,828 |
|
|
1,832 |
Total current liabilities |
|
336,402 |
|
|
384,962 |
Long-term debt |
|
490,295 |
|
|
491,918 |
Operating lease long-term liabilities |
|
54,121 |
|
|
53,879 |
Other liabilities |
|
18,149 |
|
|
18,507 |
Total liabilities |
|
898,967 |
|
|
949,266 |
|
|
|
|
||
Stockholders' equity |
|
|
|
||
Total Green Plains stockholders' equity |
|
887,454 |
|
|
843,733 |
Noncontrolling interests |
|
13,014 |
|
|
146,323 |
Total stockholders' equity |
|
900,468 |
|
|
990,056 |
Total liabilities and stockholders' equity |
$ |
1,799,435 |
|
$ |
1,939,322 |
GREEN PLAINS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands except per share amounts) |
|||||||
|
Three Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
||||
Revenues |
$ |
597,214 |
|
|
$ |
832,949 |
|
|
|
|
|
||||
Costs and expenses |
|
|
|
||||
Cost of goods sold (excluding depreciation and amortization expenses reflected below) |
|
588,847 |
|
|
|
832,258 |
|
Selling, general and administrative expenses |
|
31,769 |
|
|
|
31,845 |
|
Depreciation and amortization expenses |
|
21,487 |
|
|
|
25,386 |
|
Total costs and expenses |
|
642,103 |
|
|
|
889,489 |
|
Operating loss |
|
(44,889 |
) |
|
|
(56,540 |
) |
|
|
|
|
||||
Other income (expense) |
|
|
|
||||
Interest income |
|
2,510 |
|
|
|
3,165 |
|
Interest expense |
|
(7,786 |
) |
|
|
(9,738 |
) |
Other, net |
|
449 |
|
|
|
189 |
|
Total other expense |
|
(4,827 |
) |
|
|
(6,384 |
) |
Loss before income taxes and income (loss) from equity method investees |
|
(49,716 |
) |
|
|
(62,924 |
) |
Income tax expense |
|
(329 |
) |
|
|
(3,429 |
) |
Income (loss) from equity method investees |
|
(1,077 |
) |
|
|
104 |
|
Net loss |
|
(51,122 |
) |
|
|
(66,249 |
) |
Net income attributable to noncontrolling interests |
|
290 |
|
|
|
4,075 |
|
Net loss attributable to Green Plains |
$ |
(51,412 |
) |
|
$ |
(70,324 |
) |
|
|
|
|
||||
Earnings per share |
|
|
|
||||
Net loss attributable to Green Plains - basic and diluted |
$ |
(0.81 |
) |
|
$ |
(1.20 |
) |
|
|
|
|
||||
Weighted average shares outstanding |
|
|
|
||||
Basic and diluted |
|
63,341 |
|
|
|
58,549 |
|
GREEN PLAINS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) |
|||||||
|
Three Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(51,122 |
) |
|
$ |
(66,249 |
) |
Noncash operating adjustments |
|
|
|
||||
Depreciation and amortization |
|
21,487 |
|
|
|
25,386 |
|
Inventory lower of average cost or net realizable value adjustment |
|
4,202 |
|
|
|
— |
|
Other |
|
5,830 |
|
|
|
8,557 |
|
Net change in working capital |
|
(30,996 |
) |
|
|
(84,662 |
) |
Net cash used in operating activities |
|
(50,599 |
) |
|
|
(116,968 |
) |
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
||||
Purchases of property and equipment, net |
|
(21,795 |
) |
|
|
(32,591 |
) |
Other investing activities |
|
(8,408 |
) |
|
|
(2,829 |
) |
Net cash used in investing activities |
|
(30,203 |
) |
|
|
(35,420 |
) |
|
|
|
|
||||
Cash flows from financing activities |
|
|
|
||||
Net payments - long term debt |
|
(2,009 |
) |
|
|
(515 |
) |
Net proceeds - short-term borrowings |
|
23,860 |
|
|
|
74,677 |
|
Payments on extinguishment of non-controlling interest |
|
(29,196 |
) |
|
|
— |
|
Payments of transaction costs |
|
(5,951 |
) |
|
|
— |
|
Other |
|
(7,282 |
) |
|
|
(13,707 |
) |
Net cash provided by (used in) financing activities |
|
(20,578 |
) |
|
|
60,455 |
|
|
|
|
|
||||
Net change in cash and cash equivalents, and restricted cash |
|
(101,380 |
) |
|
|
(91,933 |
) |
Cash and cash equivalents, and restricted cash, beginning of period |
|
378,762 |
|
|
|
500,276 |
|
Cash and cash equivalents, and restricted cash, end of period |
$ |
277,382 |
|
|
$ |
408,343 |
|
|
|
|
|
||||
|
|
|
|
||||
Reconciliation of total cash and cash equivalents, and restricted cash |
|
|
|
||||
Cash and cash equivalents |
$ |
237,302 |
|
|
$ |
354,204 |
|
Restricted cash |
|
40,080 |
|
|
|
54,139 |
|
Total cash and cash equivalents, and restricted cash |
$ |
277,382 |
|
|
$ |
408,343 |
|
GREEN PLAINS INC. RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES (unaudited, in thousands) |
|||||||
|
Three Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(51,122 |
) |
|
$ |
(66,249 |
) |
Interest expense |
|
7,786 |
|
|
|
9,738 |
|
Income tax expense |
|
329 |
|
|
|
3,429 |
|
Depreciation and amortization (1) |
|
21,487 |
|
|
|
25,386 |
|
EBITDA |
|
(21,520 |
) |
|
|
(27,696 |
) |
Proportional share of EBITDA adjustments to equity method investees |
|
45 |
|
|
|
45 |
|
Adjusted EBITDA |
$ |
(21,475 |
) |
|
$ |
(27,651 |
) |
(1) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs. |
|||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502136201/en/
Green Plains Inc. Contacts
Investors: Phil Boggs | Executive Vice President, Investor Relations & Finance | 402.884.8700 | phil.boggs@gpreinc.com
Media: Devin Mogler | Senior Vice President, Corporate & Investor Relations | 202.389.2670 | devin.mogler@gpreinc.com
Source: Green Plains Inc.
FAQ
What was Green Plains' EPS for the first quarter of 2024?
What is the new specialty feed ingredient brand launched by Green Plains?
Where is the world's first commercial-scale Clean Sugar Technology facility located?
What were Green Plains' revenues for the first quarter of 2024?
What was the EBITDA for Green Plains in the first quarter of 2024?
