Green Plains Reports Fourth Quarter and Full Year 2022 Financial Results

Rhea-AI Summary

Green Plains Inc. (NASDAQ: GPRE) reported a fourth quarter net loss of $38.6 million, or $(0.66) per share, worsening from a $9.6 million loss, or $(0.18) per share, a year earlier. Despite a revenue increase to $914 million from $802.3 million, EBITDA plummeted to $5.7 million from $30.3 million. The company achieved a positive ethanol crush margin of $0.03 per gallon, even amidst challenging conditions due to rail delays and winter storms. Protein technology operations expanded, with expected 2023 sales covering 75% of capacity. With strong cash reserves of $500.3 million, the company is well-positioned to pursue its transformation initiatives.

Positive

• Fourth quarter revenue increased to $914 million, up 13.9% year-over-year.
• Achieved a consolidated ethanol crush margin of $0.03 per gallon despite a challenging market.
• Protein ingredients sales program on track with 75% of platform capacity contracted for 2023.
• Strong cash position with $500.3 million in cash and equivalents.

Negative

• Fourth quarter net loss worsened to $38.6 million from $9.6 million year-over-year.
• EBITDA dropped significantly to $5.7 million, down from $30.3 million the previous year.
• Ethanol production segment operating loss was $29.99 million compared to a profit in the same quarter last year.

Results for the Fourth Quarter and Full Year 2022:

• Fourth quarter EPS of $(0.66) per basic and diluted share, compared to EPS of $(0.18) per basic and diluted share for the same period in the prior year
• Full Year EPS of $(2.29) per basic and diluted share, compared to EPS of $(1.41) per basic and diluted share for the prior year
• Positive fourth quarter consolidated ethanol crush margin of $0.03 per gallon, inclusive of negative impact of winter storms across the platform

Business Highlights:

• Protein technology currently operating at five facilities, with approximately 330,000 tons of annual capacity, and protein ingredients shipping from each of these facilities during the first quarter of 2023
• Protein sales program on track with achievement of contracted and anticipated recurring customer sales of approximately 75% of platform capacity for 2023 across numerous species and high-value markets
• Achieved record renewable corn oil yield across the platform, driven by MSC™ installations coming online
• Clean Sugar Technology™ construction at Green Plains Shenandoah underway and conversations advancing with numerous potential customers and co-location partners
• Development of a novel Sustainable Aviation Fuel technology underway through a joint venture, Blue Blade Energy, with United Airlines and Tallgrass
• Further executing on carbon strategy alternatives through potential opportunity in synthetic methane production with Osaka Gas USA and Tallgrass
• Strong position to continue executing transformation plan with $500.3 million of cash, cash equivalents, and restricted cash along with $235.0 million available under a committed credit facility

OMAHA, Neb.--(BUSINESS WIRE)-- Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the fourth quarter and full year 2022. Net loss attributable to the company was $38.6 million, or $(0.66) per basic and diluted share for the fourth quarter compared to net loss attributable to the company of $9.6 million, or $(0.18) per basic and diluted share, for the same period in 2021. Revenues for the quarter were $914.0 million compared with $802.3 million for the same period in the prior year. EBITDA was $5.7 million for the quarter compared to $30.3 million for the same period in 2021.

“Execution on our transformation plan hit an important milestone in recent weeks with the completion of our fifth MSC system,” said Todd Becker, President and Chief Executive Officer. “These deployments of MSC are an important step toward what we believe will be significant earnings contributions in future quarters from this technology. During the fourth quarter, we continued to experience a challenging ethanol margin environment that was impacted significantly late in the quarter by both rail delays and weather-related shutdowns, coupled with continued seasonally high corn basis. Utilization remained strong at 93% during the quarter and despite the challenging macro operating environment, we achieved a positive consolidated crush margin of $0.03 per gallon. We have begun to see the positive impact from Ultra-High Protein production and expanded oil yields, as they were strong contributors in a weak ethanol margin environment.”

“Our strong protein ingredient sales program continues to accelerate,” added Becker. “Our customer base continues to grow, and when combined with anticipated recurring customer sales, we have approximately 75% of our platform capacity already spoken for and have sold out most of the first half of the year. With five facilities now operational, we are able to serve our customers from multiple locations, demonstrating the unique capabilities of our platform. With our production volumes and the redundancy of our platform increasing, we are beginning to realize the opportunity to future proof our customers’ animal feed diets to meet increasing consumer demand for healthier, low-carbon protein products. We have seen robust demand after demonstrating our ability to service customers with higher volumes. With our expanded reach, our products continue to be shipped to aqua, pet, poultry, swine, and dairy customers in North America, South America and Asia Pacific.”

Construction is progressing at the first commercial clean sugar facility in Shenandoah, Iowa, deploying Fluid Quip Technologies’ CST™ and laying the groundwork for a growing biocampus.

“We believe producing low-carbon dextrose to support the emerging bio-economy, in addition to traditional food and chemical users, is a game changing opportunity to maximize our production platform and unlock significant value for our shareholders as we attempt to disrupt a century old industry,” said Becker. “Our CST system at Shenandoah is leading to substantive discussions with interested co-location partners and potential customers. We believe this opportunity is larger than all other value drivers and when combined with protein and oil, will help leave traditional ethanol volatility in the rear-view mirror.”

“As we begin 2023, we finally see the inflection points in our transformation,” concluded Becker. “The milestones achieved during 2022 leave us in firm position to continue executing on our vision to maximize value by expanding production of our protein ingredients and renewable corn oil, capturing the biogenic carbon dioxide, and converting a portion of starch into dextrose. All of these initiatives are on track and our confidence that we will achieve our 2024 and beyond transformation financial guidance outlined at the beginning of this journey continues to grow.”

Full Year Highlights:

• Plant modernization and upgrade programs completed, returning platform to full utilization rate capability
• Achieved 60% protein concentration, as fed, at a trial at Green Plains Wood River in the second quarter using Fluid Quip Technologies’ MSC™ system combined with biological solutions exclusive to Green Plains
• Broke ground on MSC™ at turnkey solution partner Tharaldson Ethanol in Casselton, North Dakota, anticipated to be operational in early 2024
• Commenced construction of first commercial deployment of Clean Sugar Technology™ at Green Plains Shenandoah, anticipated to be operational in late 2023
• Announced aquafeed partnership with Riverence to expand trout and salmon feed production in Idaho
• Expanded protein sales to customers in North America, South America and Asia Pacific across multiple species

Results of Operations

Green Plains ethanol production segment sold 225.2 million gallons of ethanol during the fourth quarter of 2022, compared with 200.5 million gallons for the same period in 2021. The consolidated ethanol crush margin was $7.9 million, or $0.03 per gallon, for the fourth quarter of 2022, compared with $41.0 million, or $0.20 per gallon, for the same period in 2021. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, which includes renewable corn oil and Ultra-High Protein, plus intercompany storage, transportation, nonrecurring decommissioning costs, nonethanol operating activities and other fees, net of related expenses.

Consolidated revenues increased $111.7 million for the three months ended December 31, 2022, compared with the same period in 2021, primarily due to higher average selling prices and higher volumes sold for ethanol, distillers grains and renewable corn oil.

Net loss increased $28.4 million and EBITDA decreased $24.5 million for the three months ended December 31, 2022, compared with the same period the prior year, primarily due to lower ethanol crush margins. Interest expense decreased $0.5 million for the three months ended December 31, 2022 compared with the same period in 2021. Income tax expense was $4.9 million for the three months ended December 31, 2022 compared with income tax expense of $4.8 million for the same period in 2021.

Segment Information

The company reports the financial and operating performance for the following three operating segments: (1) ethanol production, which includes the production of ethanol, distillers grains, Ultra-High Protein and renewable corn oil, (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, renewable corn oil, natural gas and other commodities and (3) partnership, which includes fuel storage and transportation services. Intercompany fees charged to the ethanol production segment for storage and logistics services, grain procurement and product sales are included in the partnership and agribusiness and energy services segments and eliminated upon consolidation. Third-party costs of grain consumed and revenues from product sales are reported directly in the ethanol production segment.

GREEN PLAINS INC.
SEGMENT OPERATIONS
(unaudited, in thousands)
	Three Months Ended December 31,											Twelve Months Ended December 31,
		2022				2021			% Var.				2022				2021			% Var.
Revenues:
Ethanol production	$	760,458			$	586,024			29.8	%		$	3,070,192			$	2,153,368			42.6	%
Agribusiness and energy services		159,582				221,279			(27.9	)			615,615				691,484			(11.0	)
Partnership		20,947				19,094			9.7				79,767				78,452			1.7
Intersegment eliminations		(26,944	)			(24,078	)		11.9				(102,725	)			(96,136	)		6.9
	$	914,043			$	802,319			13.9	%		$	3,662,849			$	2,827,168			29.6	%
Gross margin:
Ethanol production	$	2,316			$	29,776			(92.2	)%		$	1,826			$	90,085			(98.0	)%
Agribusiness and energy services		14,649				4,586			219.4				52,665				34,109			54.4
Partnership		20,947				19,094			9.7				79,767				78,452			1.7
Intersegment eliminations		1,800				2,574			(30.1	)			3,580				(587	)		*
	$	39,712			$	56,030			(29.1	)%		$	137,838			$	202,059			(31.8	)%
Depreciation and amortization:
Ethanol production	$	22,444			$	20,314			10.5	%		$	81,545			$	82,969			(1.7	)%
Agribusiness and energy services		1,252				463			170.4				3,466				2,535			36.7
Partnership		1,178				966			21.9				4,093				3,737			9.5
Corporate activities		1,811				716			152.9				3,594				2,711			32.6
	$	26,685			$	22,459			18.8	%		$	92,698			$	91,952			0.8	%
Operating income (loss):
Ethanol production (1)	$	(29,991	)		$	2,973			*%			$	(117,764	)		$	(27,996	)		*%
Agribusiness and energy services		10,521				1,738			*				36,415				17,458			108.6
Partnership		11,793				11,468			2.8				47,699				48,672			(2.0	)
Intersegment eliminations		1,800				2,574			(30.1	)			3,580				(587	)		*
Corporate activities (2)		(17,130	)			(10,950	)		56.4				(68,878	)			(12,039	)		*
	$	(23,007	)		$	7,803			*%			$	(98,948	)		$	25,508			*%
Adjusted EBITDA:
Ethanol production (1)	$	(8,102	)		$	23,317			(134.7	)%		$	(8,619	)		$	55,056			(115.7	)%
Agribusiness and energy services		11,789				2,201			*				39,798				19,716			101.9
Partnership		13,154				12,617			4.3				52,429				53,109			(1.3	)
Intersegment eliminations		1,800				2,574			(30.1	)			3,580				(587	)		*
Corporate activities (2)		(12,925	)			(10,445	)		23.7				(60,478	)			(10,499	)		*
EBITDA		5,716				30,264			(81.1	)			26,710				116,795			(77.1	)
Other income (3)		—				—			—				(27,712	)			—			*
Loss (gain) on sale of assets, net		—				1,644			*				—				(29,601	)		*
Proportional share of EBITDA adjustments to equity method investees		45				45			—				180				184			(2.2	)
	$	5,761			$	31,953			(82.0	)%		$	(822	)		$	87,378			(100.9	)%

(1) Operating loss for ethanol production includes an inventory lower of cost or net realizable value adjustment of $12.3 million for both the three and twelve months ended December 31, 2022.

(2) Corporate activities for the three and twelve months ended December 31, 2021 include a $1.6 million loss on sale of assets and a $29.6 million gain on sale of assets from the sale of the Ord, Nebraska, ethanol plant, respectively.

(3) Other income for the twelve months ended December 31, 2022 includes a grant received from the USDA related to the Biofuel Producer Program of $27.7 million.

* Percentage variances not considered meaningful

GREEN PLAINS INC.
SELECTED OPERATING DATA
(unaudited, in thousands)
	Three Months Ended December 31,							Twelve Months Ended December 31,
	2022		2021		% Var.			2022		2021		% Var.
Ethanol production
Ethanol sold (gallons)	225,206		200,521		12.3	%		872,133		750,648		16.2	%
Distillers grains sold (equivalent dried tons)	585		518		12.9			2,280		1,977		15.3
Renewable corn oil sold (pounds)	77,228		62,972		22.6			281,730		219,807		28.2
Corn consumed (bushels)	78,038		70,242		11.1			301,868		259,786		16.2
Agribusiness and energy services (1)
Domestic ethanol sold (gallons)	259,287		200,196		29.5			948,971		820,638		15.6
Export ethanol sold (gallons)	15,786		61,245		(74.2	)		137,835		173,391		(20.5	)
	275,073		261,441		5.2			1,086,806		994,029		9.3
Partnership
Storage and throughput (gallons)	226,184		201,466		12.3	%		875,601		754,524		16.0	%

(1) Includes gallons from the ethanol production segment

GREEN PLAINS INC.
CONSOLIDATED CRUSH MARGIN
(unaudited, in thousands except per gallon amounts)
	Three Months Ended December 31,							Three Months Ended December 31,
		2022				2021			2022				2021
								($ per gallon produced)
Ethanol production operating income (loss) (1)	$	(29,991	)		$	2,973		$	(0.13	)		$	0.01
Depreciation and amortization		22,444				20,314			0.10				0.10
Total adjusted ethanol production		(7,547	)			23,287			(0.03	)			0.11
Intercompany fees, net:
Storage and logistics (partnership)		12,274				12,027			0.05				0.06
Marketing and agribusiness fees (2) (agribusiness and energy services)		3,123				5,722			0.01				0.03
Consolidated ethanol crush margin	$	7,850			$	41,036		$	0.03			$	0.20

(1) Operating loss for ethanol production includes an inventory lower of cost or net realizable value adjustment of $12.3 million for both the three and twelve months ended December 31, 2022.

(2) For the three months ended December 31, 2022 and 2021 includes $2.9 million of income and $0.4 million of costs, respectively, for certain nonrecurring decommissioning costs and nonethanol operating activities.

Liquidity and Capital Resources

As of December 31, 2022, Green Plains had $500.3 million in total cash, cash equivalents, and restricted cash, and $235.0 million available under a committed revolving credit facility, which is subject to restrictions and other lending conditions. Total debt outstanding at December 31, 2022 was $634.8 million, including $137.7 million outstanding debt under working capital revolvers and other short-term borrowing arrangements and $58.6 million of non-recourse debt related to Green Plains Partners, net of debt issuance costs.

Conference Call Information

On February 8, 2023, Green Plains Inc. and Green Plains Partners LP will host a joint conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss fourth quarter and full year 2022 operating results for each company. Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. The company advises participants to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation will be accessible on Green Plains’ website here.

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 tax expense, depreciation and amortization excluding the change in right-of-use assets. Adjusted EBITDA includes adjustments related to our proportional share of EBITDA adjustments of our equity method investees, gains and losses related to the sale of assets, and other income associated with the USDA COVID-19 relief grant. 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 U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP calculations may vary from company to company. Accordingly, the company’s computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.

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, renewable feedstocks for advanced biofuels and high purity alcohols for use in cleaners and disinfectants. Green Plains is an innovative producer of Ultra-High Protein and novel ingredients for animal and aquaculture diets to help satisfy a growing global appetite for sustainable protein. The Company also owns a 48.8% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. For more information, visit www.gpreinc.com.

About Green Plains Partners LP

Green Plains Partners LP (NASDAQ:GPP) is a fee-based Delaware limited partnership formed by Green Plains Inc. to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage terminals, transportation assets and other related assets and businesses. For more information about Green Plains Partners, visit www.greenplainspartners.com.

Forward-Looking Statements

This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements reflect management’s current views, which are subject to risks and uncertainties including, but not limited to, anticipated financial and operating results, plans and objectives that are not historical in nature. These statements may be identified by words such as “believe,” “expect,” “may,” “should,” “will” and similar expressions. Factors that could cause actual results to differ materially from those expressed or implied include: competition in the industries in which Green Plains operates; commodity market risks, financial market risks; counterparty risks; risks associated with changes to federal policy or regulation, including changes to tax laws; risks related to closing and achieving anticipated results from acquisitions and disposals. Other factors can include risks associated with Green Plains’ ability to realize higher margins anticipated from the company’s high protein feed initiative or to achieve anticipated benefits from its plant upgrade and modernization program, disruption caused by health epidemics, such as the COVID-19 outbreak, and other risks discussed in Green Plains’ reports filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Green Plains assumes no obligation to update any such forward-looking statements, except as required by law.

GREEN PLAINS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
	December 31,
		2022			2021
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	444,661		$	426,220
Restricted cash		55,615			134,739
Marketable securities		—			124,859
Accounts receivable, net		108,610			119,961
Income taxes receivable		1,286			911
Inventories		278,950			267,838
Other current assets		39,628			43,221
Total current assets		928,750			1,117,749
Property and equipment, net		1,029,327			893,517
Operating lease right-of-use assets		73,244			64,042
Other assets		91,810			84,447
Total assets	$	2,123,131		$	2,159,755
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	234,301		$	146,063
Accrued and other liabilities		44,443			56,980
Derivative financial instruments		47,941			43,244
Operating lease current liabilities		20,721			16,814
Short-term notes payable and other borrowings		137,678			173,418
Current maturities of long-term debt		1,838			35,285
Total current liabilities		486,922			471,804
Long-term debt		495,243			514,006
Operating lease long-term liabilities		55,515			49,795
Other liabilities		24,385			22,131
Total liabilities		1,062,065			1,057,736
Stockholders' equity
Total Green Plains stockholders' equity		910,031			950,500
Noncontrolling interests		151,035			151,519
Total stockholders' equity		1,061,066			1,102,019
Total liabilities and stockholders' equity	$	2,123,131		$	2,159,755

GREEN PLAINS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except per share amounts)
	Three Months Ended December 31,											Twelve Months Ended December 31,
		2022				2021			% Var.				2022				2021			% Var.
Revenues	$	914,043			$	802,319			13.9	%		$	3,662,849			$	2,827,168			29.6	%
Costs and expenses
Cost of goods sold (excluding depreciation and amortization expenses reflected below)		874,331				746,289			17.2				3,525,011				2,625,109			34.3
Operations and maintenance expenses		7,146				5,908			21.0				25,158				23,061			9.1
Selling, general and administrative expenses		28,888				18,216			58.6				118,930				91,139			30.5
Loss (gain) on sale of assets, net		—				1,644			*				—				(29,601	)		*
Depreciation and amortization expenses		26,685				22,459			18.8				92,698				91,952			0.8
Total costs and expenses		937,050				794,516			17.9				3,761,797				2,801,660			34.3
Operating income (loss)		(23,007	)			7,803			*				(98,948	)			25,508			*
Other income (expense)
Interest income		2,637				79			*				5,277				575			*
Interest expense		(6,460	)			(6,919	)		(6.6	)			(32,642	)			(67,144	)		(51.4	)
Other, net		(782	)			(260	)		200.8				27,612				(1,940	)		*
Total other income (expense)		(4,605	)			(7,100	)		(35.1	)			247				(68,509	)		(100.4	)
Income (loss) before income taxes and income from equity method investees		(27,612	)			703			*				(98,701	)			(43,001	)		129.5
Income tax expense		(4,893	)			(4,759	)		2.8				(4,747	)			(1,845	)		157.3
Income from equity method investees, net of income taxes		183				183			—				71				700			(89.9	)
Net loss		(32,322	)			(3,873	)		*				(103,377	)			(44,146	)		134.2
Net income attributable to noncontrolling interests		6,294				5,695			10.5				23,841				21,846			9.1
Net loss attributable to Green Plains	$	(38,616	)		$	(9,568	)		*%			$	(127,218	)		$	(65,992	)		92.8	%
Earnings per share
Net loss attributable to Green Plains - basic and diluted	$	(0.66	)		$	(0.18	)					$	(2.29	)		$	(1.41	)
Weighted average shares outstanding:
Basic and diluted		58,482				52,800							55,541				46,652

* Percentage variances not considered meaningful

GREEN PLAINS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
	Twelve Months Ended December 31,
		2022				2021
Cash flows from operating activities:
Net loss	$	(103,377	)		$	(44,146	)
Noncash operating adjustments:
Depreciation and amortization		92,698				91,952
Gain on sale of assets, net		—				(29,601	)
Inventory lower of cost or net realizable value adjustment		12,323				—
Loss on extinguishment of debt		419				32,645
Other		17,260				18,083
Net change in working capital		50,386				(64,687	)
Net cash provided by operating activities		69,709				4,246
Cash flows from investing activities:
Purchases of property and equipment, net		(212,366	)			(187,195	)
Purchases of marketable securities		—				(124,859	)
Proceeds from the sale of marketable securities		124,523				—
Proceeds from the sale of assets, net		—				87,217
Other investing activities		(17,409	)			(11,448	)
Net cash used in investing activities		(105,252	)			(236,285	)
Cash flows from financing activities:
Net proceeds - long term debt		43,249				179,001
Net proceeds - short-term borrowings		(35,099	)			27,907
Proceeds from issuance of common stock		—				355,978
Other		(33,290	)			(44,698	)
Net cash provided by (used in) financing activities		(25,140	)			518,188
Net change in cash, cash equivalents and restricted cash		(60,683	)			286,149
Cash, cash equivalents and restricted cash, beginning of period		560,959				274,810
Cash, cash equivalents and restricted cash, end of period	$	500,276			$	560,959
Reconciliation of total cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	444,661			$	426,220
Restricted cash		55,615				134,739
Total cash, cash equivalents and restricted cash	$	500,276			$	560,959

GREEN PLAINS INC.
RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES
(unaudited, in thousands)
	Three Months Ended December 31,								Twelve Months Ended December 31,
		2022				2021				2022				2021
Net loss	$	(32,322	)		$	(3,873	)		$	(103,377	)		$	(44,146	)
Interest expense (1)		6,460				6,919				32,642				67,144
Income tax expense		4,893				4,759				4,747				1,845
Depreciation and amortization (2)		26,685				22,459				92,698				91,952
EBITDA		5,716				30,264				26,710				116,795
Other income (3)		—				—				(27,712	)			—
Loss (gain) on sale of assets, net		—				1,644				—				(29,601	)
Proportional share of EBITDA adjustments to equity method investees		45				45				180				184
Adjusted EBITDA	$	5,761			$	31,953			$	(822	)		$	87,378

(1) Interest expense for the year ended December 31, 2021 includes a loss upon extinguishment of convertible notes of $22.1 million and a loss on settlement of convertible notes of $9.5 million.

(2) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.

(3) Other income for the twelve months ended December 31, 2022 includes a grant received from the USDA related to the Biofuel Producer Program of $27.7 million.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230208005260/en/

Green Plains Inc. Contacts

Investors: Phil Boggs | Executive Vice President, Investor Relations | 402.884.8700 | phil.boggs@gpreinc.com

Media: Lisa Gibson | Communications Manager | 402.952.4971 | lisa.gibson@gpreinc.com

Source: Green Plains Inc.

FAQ

What were Green Plains' fourth quarter results for 2022?

Green Plains reported a net loss of $38.6 million, or $(0.66) per share, with revenues of $914 million.

How did Green Plains' EBITDA perform in Q4 2022?

EBITDA for Q4 2022 dropped to $5.7 million compared to $30.3 million in Q4 2021.

What is the ethanol crush margin for Green Plains in Q4 2022?

The ethanol crush margin was $0.03 per gallon for the fourth quarter.

What is Green Plains' outlook for protein sales in 2023?

Green Plains has contracted approximately 75% of its protein sales platform capacity for 2023.

How much cash did Green Plains have at the end of 2022?

Green Plains had $500.3 million in cash, cash equivalents, and restricted cash as of December 31, 2022.