Green Plains Reports Second Quarter 2020 Financial Results

Rhea-AI Summary

Green Plains Inc. (NASDAQ:GPRE) reported a net loss of $8.2 million or $(0.24) per diluted share for Q2 2020, an improvement from a net loss of $45.3 million in Q2 2019. Revenue fell to $418.0 million from $630.6 million year-over-year, primarily due to reduced production volumes. However, adjusted EBITDA improved to $17.9 million, driven by high-quality alcohol sales and a record contribution from Green Plains Cattle Company. The company completed over 55% of its Project 24 initiatives, aiming for reduced operational costs and a lower carbon footprint.

Positive

• Adjusted EBITDA increased to $17.9 million from a loss of $19.5 million in Q2 2019.
• Record results achieved by Green Plains Cattle Company.
• Secured a $75 million project-based financing line to expand high protein production.

Negative

• Net loss of $8.2 million compared to a loss of $45.3 million in Q2 2019.
• Revenue decreased by $212.6 million year-over-year, primarily due to lower production volumes.
• Ethanol sales volume fell to 149.9 million gallons from 224.0 million gallons in the prior year.

Results for the Second Quarter of 2020:

• Net loss attributable to the company of $8.2 million, or $(0.24) per diluted share
• Adjusted EBITDA of $17.9 million
• Cash, cash equivalents and restricted cash of $183.6 million; $289.0 million available under working capital facilities
• Industrial high-quality alcohol sales positively impacted the quarter
• Green Plains Cattle Company achieved record results
• Announced USP grade alcohol upgrades for Green Plains York LLC and Green Plains Wood River LLC
• Secured a $75 million project based financing line, which is expected to close during the third quarter to support high protein production expansion and announced Green Plains Wood River LLC’s high protein project
• Green Plains Partners refinancing of debt facility completed

OMAHA, Neb., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the second quarter of 2020. Net loss attributable to the company was $8.2 million, or $(0.24) per diluted share, for the second quarter of 2020 compared with a net loss of $45.3 million, or $(1.13) per diluted share, for the same period in 2019. Revenues were $418.0 million for the second quarter of 2020 compared with $630.6 million for the same period last year.

“Our efforts toward a total transformation of Green Plains continue to make progress as our second quarter saw benefits from all aspects of our plan,” said Todd Becker, president and chief executive officer. “Our positive second quarter adjusted EBITDA of $17.9 million and positive free cash flow resulted from contributions of our high-quality alcohol production, Project 24 initiatives, high protein production and another record quarter in our cattle business. Overall, our production platform achieved the highest per gallon margin in seven quarters. Our results included a positive contribution from our York, Nebraska biorefinery as we executed on a number of sales into the sanitizer and disinfectant markets. Our proudest and most impactful initiative of the quarter came from our employees who led efforts to get cleaning products containing York’s high-quality alcohol into local communities through our donation program to help stop the spread of COVID-19.” 

The Company continued to execute on its Project 24 and protein strategy initiatives during the quarter. In July, Green Plains Fairmont completed its Project 24 upgrade and is starting up operations, which will result in significantly lower operating costs combined with a reduction in its carbon footprint. The Company has now completed over 55% of the originally planned Project 24 initiatives. Green Plains Mount Vernon’s Project 24 conversion is underway and is expected to be in service during the fourth quarter 2020. Project 24 is expected to be complete by the end of the first quarter 2021, and to drive overall operating expense below $0.24 per gallon as the technology is integrated across the platform.

“Our transformation to Green Plains 2.0 is gaining momentum with the startup of Shenandoah’s high-protein facility now complete, the announced upgrade to USP grade alcohol at York and Wood River, and continuing innovation and development in novel feed ingredients in coordination with Optimal Aqua,” added Becker. “As we begin to engage with various partnerships to enhance the quality and nutritional factors of our high protein products in the coming months, our transformation will continue to accelerate. Our balance sheet remains strong, as we ended the quarter with over $183 million in cash, and expect to have ample liquidity and access to project based capital to continue our transformation.”

“With Green Plains Shenandoah’s high-protein system achieving 100% production of quality high protein ingredients to supply our pet and aquaculture customers, we remain confident in deploying this technology across our production platform. For this reason, we chose our Wood River, Nebraska facility to be the second location for implementation of high protein production,” commented Becker. “We have chosen Fluid Quip Technologies to engineer, design and construct the facility and expect completion late in the second quarter of 2021. The recent approval of a $75 million dollar loan facility to help fund the construction of the second and third high protein production facilities further validates this strategy.”

Results of Operations
Green Plains sold 149.9 million gallons of ethanol during the second quarter of 2020, compared with 224.0 million gallons for the same period in 2019. The adjusted consolidated ethanol crush margin was $13.9 million, or $0.09 per gallon, for the second quarter of 2020, compared with $(19.9) million, or $(0.09) per gallon, for the same period in 2019. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, which includes corn oil and high protein corn meal, plus intercompany storage, transportation and other fees, net of related expenses.

Consolidated revenues decreased $212.6 million for the three months ended June 30, 2020, compared with the same period in 2019, due primarily to lower production volumes of ethanol, distillers grains and corn oil.

Operating loss decreased $27.3 million for the three months ended June 30, 2020, compared with the same period last year. Interest expense for the three months ended June 30, 2020, decreased $1.6 million compared with the same period in 2019. Income tax benefit was $11.5 million for the three months ended June 30, 2020, compared with $15.3 million for the same period in 2019.

Adjusted EBITDA increased $37.4 million due to equity earnings from our Green Plains Cattle Company joint venture, as well as higher earnings from our ethanol production segment driven by FCC Grade alcohol sales from our York, Neb. location.

In the second quarter, the company filed its preliminary 2019 federal income tax return, as well as a refund claim with the IRS to carry back its 2019 NOL to prior years. As a result, the company recorded an additional income tax benefit of approximately $5.5 million during the second quarter related to the CARES Act in addition to adjustments to certain valuation allowances.

Segment Information
The company reports the financial and operating performance for the following four operating segments: (1) ethanol production, which includes the production of ethanol, including industrial-grade alcohol, distillers grains and 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, corn oil, natural gas and other commodities, (3) food and ingredients, which includes food-grade corn oil and (4) 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 June 30,												Six Months Ended June 30,
		2020				2019				% Var.				2020				2019				% Var.
Revenues:
Ethanol production		$	290,542			$	450,943			(35.6	)	%		$	766,267			$	721,776			6.2		%
Agribusiness and energy services			130,456				184,968			(29.5	)				293,645				354,176			(17.1	)
Food and ingredients			-				-			*					-				1,452			*
Partnership			20,381				20,825			(2.1	)				40,652				41,912			(3.0	)
Intersegment eliminations			(23,390	)			(26,166	)		(10.6	)				(49,706	)			(50,105	)		(0.8	)
		$	417,989			$	630,570			(33.7	)	%		$	1,050,858			$	1,069,211			(1.7	)	%
Gross margin:
Ethanol production		$	6,368			$	(32,409	)		119.6		%		$	(7,057	)		$	(55,063	)		87.2		%
Agribusiness and energy services			4,688				8,754			(46.4	)				11,375				18,336			(38.0	)
Food and ingredients			-				(6	)		*					-				(70	)		*
Partnership			20,381				20,825			(2.1	)				40,652				41,912			(3.0	)
Intersegment eliminations			(4,309	)			(554	)		*					(2,201	)			(4,255	)		48.3
		$	27,128			$	(3,390	)		*		%		$	42,769			$	860			*		%
Depreciation and amortization:
Ethanol production		$	17,184			$	15,437			11.3		%		$	33,082			$	30,777			7.5		%
Agribusiness and energy services			556				552			0.7					1,109				1,101			0.7
Partnership			966				771			25.3					1,927				1,756			9.7
Corporate activities			669				751			(10.9	)				1,337				1,501			(10.9	)
		$	19,375			$	17,511			10.6		%		$	37,455			$	35,135			6.6		%
Operating income (loss):
Ethanol production		$	(18,792	)		$	(53,885	)		(65.1	)	%		$	(79,573	)		$	(98,077	)		(18.9	)	%
Agribusiness and energy services			351				4,341			(91.9	)				2,911				9,645			(69.8	)
Food and ingredients			-				(5	)		*					-				(70	)		*
Partnership			12,225				13,156			(7.1	)				24,655				25,707			(4.1	)
Intersegment eliminations			(4,283	)			(528	)		*					(2,150	)			(4,205	)		(48.9	)
Corporate activities			(8,869	)			(9,724	)		(8.8	)				(19,539	)			(18,283	)		6.9
		$	(19,368	)		$	(46,645	)		(58.5	)	%		$	(73,696	)		$	(85,283	)		(13.6	)	%
Adjusted EBITDA:
Ethanol production		$	(1,607	)		$	(38,737	)		95.9		%		$	(45,732	)		$	(67,240	)		32.0		%
Agribusiness and energy services			1,037				4,899			(78.8	)				4,165				10,761			(61.3	)
Food and ingredients			-				(5	)		*					-				(69	)		*
Partnership			13,366				14,017			(4.6	)				26,914				27,788			(3.1	)
Intersegment eliminations			(4,283	)			(528	)		*					(2,150	)			(4,205	)		48.9
Corporate activities (1)			7,381				(8,326	)		188.7					8,329				(14,705	)		156.6
EBITDA			15,894				(28,680	)		155.4					(8,474	)			(47,670	)		82.2
EBITDA adjustments related to discontinued operations			-				8,911			*					-				9,232			*
Proportional share of EBITDA adjustments to equity method investees			2,041				310			*					4,978				641			*
Noncash goodwill impairment			-				-			*					24,091				-			*
Adjusted EBITDA		$	17,935			$	(19,459	)		192.2		%		$	20,595			$	(37,797	)		154.5		%
(1)  Includes corporate expenses, offset by earnings from equity method investments of $12.0 million and $19.8 million for the three and six months ended June 30, 2020, respectively.
* Percentage variance not considered meaningful.

GREEN PLAINS INC.
SELECTED OPERATING DATA
(unaudited, in thousands)
		Three Months Ended June 30,								Six Months Ended June 30,
		2020		2019		% Var.				2020		2019		% Var.
Ethanol production
Ethanol sold (gallons)		149,872		224,023		(33.1	)	%		390,338		379,063		3.0		%
Distillers grains sold (equivalent dried tons)		383		586		(34.6	)			1,025		984		4.2
Corn oil sold (pounds)		39,496		53,040		(25.5	)			102,048		88,023		15.9
Corn consumed (bushels)		51,908		77,963		(33.4	)			135,791		132,004		2.9
Agribusiness and energy services
Domestic ethanol sold (gallons)		145,853		255,149		(42.8	)			355,436		394,648		(9.9	)
Export ethanol sold (gallons)		68,789		74,843		(8.1	)			168,509		162,431		3.7
		214,642		329,992		(35.0	)			523,945		557,079		(5.9	)
Partnership
Storage and throughput (gallons)		150,047		225,140		(33.4	)			391,685		380,832		2.8

GREEN PLAINS INC.
CONSOLIDATED CRUSH MARGIN
(unaudited, in thousands except per gallon amounts)
		Three Months Ended June 30,								Three Months Ended June 30,
		2020				2019				2020				2019
										($ per gallon produced)
Ethanol production operating loss		$	(18,792	)		$	(53,885	)		$	(0.13	)		$	(0.24	)
Depreciation and amortization			17,184				15,437				0.12				0.07
Total adjusted ethanol production			(1,608	)			(38,448	)			(0.01	)			(0.17	)
Intercompany fees, net:
Storage and logistics (partnership)			12,290				12,920				0.08				0.06
Marketing and agribusiness fees (agribusiness and energy services)			3,221				5,583				0.02				0.02
Consolidated ethanol crush margin		$	13,903			$	(19,945	)		$	0.09			$	(0.09	)

Liquidity and Capital Resources
On June 30, 2020, Green Plains had $183.6 million in total cash, cash equivalents and restricted cash, and $289.0 million available under committed working capital revolving credit agreements, which are subject to restrictions and other lending conditions. Total debt outstanding at June 30, 2020, was $509.3 million, including $131.4 million outstanding debt under working capital revolvers and other short-term borrowing arrangements and $126.9 million of debt related to Green Plains Partners, net of debt issuance costs.

Conference Call Information
On August 4, 2020, Green Plains Inc. and Green Plains Partners LP will host a joint conference call at 11 a.m. Eastern time (10 a.m. Central time) to discuss second quarter 2020 financial and operating results for each company. Domestic and international participants can access the conference call by dialing 877.711.2374 and 281.542.4862, respectively, and referencing conference ID 3141408. The company advises participants to call at least 10 minutes prior to the start time. Alternatively, the conference call, transcript and presentation will be accessible on Green Plains’ website at http://investor.gpreinc.com/events.cfm.

Non-GAAP Financial Measures
Management uses 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 operational results of Green Plains Cattle prior to its disposition which are recorded as discontinued operations, and our proportional share of EBITDA adjustments of our equity method investees and noncash goodwill impairment. 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 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 diversified commodity-processing business with operations that include corn processing, grain handling and storage and commodity marketing and logistics services. The company is one of the leading corn processors in the world and, through its adjacent businesses, is focused on the production of sustainable biofuels and sustainable high-protein and novel feed ingredients. Green Plains owns a 50% interest in Green Plains Cattle Company LLC and owns a 49.0% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. For more information about Green Plains, 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: disruption caused by health epidemics, such as the coronavirus outbreak, 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 savings from Project 24 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.

Consolidated Financial Results

GREEN PLAINS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
	June 30, 2020			December 31, 2019
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	163,362		$	245,977
Restricted cash		20,234			23,919
Accounts receivable, net		67,185			107,183
Income tax receivable		57,714			6,216
Inventories		173,121			252,992
Other current assets		34,439			31,626
Total current assets		516,055			667,913
Property and equipment, net		850,369			827,271
Operating lease right-of-use assets		50,408			52,476
Investment in equity method investees		113,763			68,998
Other assets		40,480			81,560
Total assets	$	1,571,075		$	1,698,218
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	93,566		$	156,693
Accrued and other liabilities		32,231			39,384
Derivative financial instruments		15,459			8,721
Current operating lease liabilities		14,684			16,626
Short-term notes payable and other borrowings		131,425			187,812
Current maturities of long-term debt		36,647			132,555
Total current liabilities		324,012			541,791
Long-term debt		341,219			243,990
Long-term operating lease liabilities		38,865			38,314
Other liabilities		9,709			8,837
Total liabilities		713,805			832,932
Stockholders' equity
Total Green Plains stockholders' equity		741,779			751,905
Noncontrolling interests		115,491			113,381
Total liabilities and stockholders' equity	$	1,571,075		$	1,698,218

GREEN PLAINS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except per share amounts)
		Three Months Ended June 30,												Six Months Ended June 30,
		2020				2019				% Var.				2020				2019				% Var.
Revenues
Product		$	416,605			$	628,878			(33.8	)	%		$	1,048,186			$	1,065,214			(1.6	)	%
Services			1,384				1,692			(18.2	)				2,672				3,997			(33.1	)
Total revenues			417,989				630,570			(33.7	)				1,050,858				1,069,211			(1.7	)
Costs and expenses
Cost of goods sold (excluding depreciation and amortization expenses reflected below)			390,861				633,960			(38.3	)				1,008,089				1,068,351			(5.6	)
Operations and maintenance			6,603				6,234			5.9					12,763				13,098			(2.6	)
Selling, general and administrative			20,518				19,510			5.2					42,156				37,910			11.2
Goodwill impairment			-				-			*					24,091				-			*
Depreciation and amortization			19,375				17,511			10.6					37,455				35,135			6.6
Total costs and expenses			437,357				677,215			(35.4	)				1,124,554				1,154,494			(2.6	)
Operating loss from continuing operations			(19,368	)			(46,645	)		(58.5	)				(73,696	)			(85,283	)		(13.6	)
Other income (expense)
Interest income			47				860			(94.5	)				640				2,046			(68.7	)
Interest expense			(9,670	)			(11,249	)		(14.0	)				(19,367	)			(20,980	)		(7.7	)
Other, net			14				(370	)		(103.8	)				850				542			56.8
Total other expense			(9,609	)			(10,759	)		(10.7	)				(17,877	)			(18,392	)		(2.8	)
Loss from continuing operations before income taxes and income (loss) from equity method investees			(28,977	)			(57,404	)		(49.5	)				(91,573	)			(103,675	)		(11.7	)
Income tax benefit			11,458				15,322			(25.2	)				55,741				28,265			97.2
Income (loss) from equity method investees, net of income taxes			12,045				(36	)		*					20,011				(110	)		*
Net loss from continuing operations including noncontrolling interest			(5,474	)			(42,118	)		(87.0	)				(15,821	)			(75,520	)		(79.1	)
Net income (loss) from discontinued operations, net of income taxes			-				1,939			*					-				(2,530	)		*
Net loss			(5,474	)			(40,179	)		(86.4	)				(15,821	)			(78,050	)		(79.7	)
Net income attributable to noncontrolling interests			2,740				5,163			(46.9	)				8,838				10,091			(12.4	)
Net loss attributable to Green Plains		$	(8,214	)		$	(45,342	)		(81.9	)	%		$	(24,659	)		$	(88,141	)		(72.0	)	%
Earnings per share - basic and diluted
Net loss from continuing operations		$	(0.24	)		$	(1.18	)						$	(0.71	)		$	(2.13	)
Net income (loss) from discontinued operations			-				0.05								-				(0.06	)
Net loss attributable to Green Plains		$	(0.24	)		$	(1.13	)						$	(0.71	)		$	(2.19	)
Weighted average shares outstanding:
Basic			34,603				40,081								34,634				40,200
Diluted			34,603				40,081								34,634				40,200

* Percentage variance not considered meaningful.

GREEN PLAINS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
		Six Months Ended June 30,
		2020				2019
Cash flows from operating activities:
Loss from continuing operations including noncontrolling interest		$	(15,821	)		$	(75,520	)
Loss from discontinued operations, net of income taxes			-				(2,530	)
Net loss			(15,821	)			(78,050	)
Noncash operating adjustments:
Depreciation and amortization			37,455				35,135
Goodwill impairment			24,091				-
Deferred income taxes			(18,132	)			(27,543	)
Other			8,235				15,937
Net change in working capital			30,109				11,447
Net cash provided by (used in) operating activities - continuing operations			65,937				(43,074	)
Net cash provided by operating activities - discontinued operations			-				10,865
Net cash provided by (used in) operating activities			65,937				(32,209	)
Cash flows from investing activities:
Purchases of property and equipment, net			(63,881	)			(20,016	)
Proceeds from the sale of assets, net			-				3,155
Other investing activities			(4,098	)			-
Net cash used in investing activities - continuing operations			(67,979	)			(16,861	)
Net cash used in investing activities - discontinued operations			-				(3,451	)
Net cash used in investing activities			(67,979	)			(20,312	)
Cash flows from financing activities:
Net proceeds (payments) - long-term debt			2,684				102,575
Net payments - short-term borrowings			(64,090	)			(33,699	)
Payment for repurchase of common stock			(11,479	)			(39,870	)
Other			(11,373	)			(20,979	)
Net cash provided by (used in) financing activities - continuing operations			(84,258	)			8,027
Net cash used in financing activities - discontinued operations			-				(39,793	)
Net cash used in financing activities			(84,258	)			(31,766	)
Net change in cash, cash equivalents and restricted cash			(86,300	)			(84,287	)
Cash, cash equivalents and restricted cash, beginning of period			269,896				283,284
Discontinued operations cash activity included above:
Add: Cash balance included in current assets of discontinued operations at beginning of period			-				34,911
Less: Cash balance included in current assets of discontinued operations at end of period			-				(2	)
Cash, cash equivalents and restricted cash, end of period		$	183,596			$	233,906
Continued on following page

GREEN PLAINS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Continued from previous page
			Six Months Ended June 30,
			2020		2019
Reconciliation of total cash, cash equivalents and restricted cash:
Cash and cash equivalents		$	163,362		$	193,280
Restricted cash			20,234			40,628
Discontinued operations cash activity included above:
Less: Cash balance included in current assets of discontinued operations at end of period			-			(2	)
Total cash, cash equivalents and restricted cash		$	183,596		$	233,906

GREEN PLAINS INC.
RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES
(unaudited, in thousands)
		Three Months Ended June 30,								Six Months Ended June 30,
		2020				2019				2020				2019
Net loss from continuing operations including noncontrolling interest		$	(5,474	)		$	(42,118	)		$	(15,821	)		$	(75,520	)
Interest expense			9,670				11,249				19,367				20,980
Income tax benefit, net of equity method income tax expense			(7,677	)			(15,322	)			(49,475	)			(28,265	)
Depreciation and amortization (1)			19,375				17,511				37,455				35,135
EBITDA			15,894				(28,680	)			(8,474	)			(47,670	)
EBITDA adjustments related to discontinued operations			-				8,911				-				9,232
Proportional share of EBITDA adjustments to equity method investees			2,041				310				4,978				641
Noncash goodwill impairment			-				-				24,091				-
Adjusted EBITDA		$	17,935			$	(19,459	)		$	20,595			$	(37,797	)

      (1)     Excludes the change in operating lease right-of-use assets and amortization of debt issuance costs.

Green Plains Inc. Contacts

Investors: Phil Boggs | Senior Vice President - Investor Relations and Treasurer | 402.884.8700 | phil.boggs@gpreinc.com

Media: Leighton Eusebio | Manager - Public Relations | 402.952.4971 | leighton.eusebio@gpreinc.com

FAQ

What were Green Plains' financial results for Q2 2020?

Green Plains reported a net loss of $8.2 million or $(0.24) per diluted share, with revenues of $418.0 million.

How did Green Plains' adjusted EBITDA change in Q2 2020?

Adjusted EBITDA for Q2 2020 improved to $17.9 million from a loss of $19.5 million in the same quarter last year.

What factors contributed to Green Plains' changing financial performance in Q2 2020?

The positive performance was driven by high-quality alcohol sales and record results from the Cattle Company, despite lower ethanol sales volume.

What is the status of Green Plains' Project 24 initiatives?

Green Plains has completed over 55% of its Project 24 initiatives, aiming to lower operational costs and carbon footprint.

How has Green Plains' revenue changed compared to the previous year?

Revenue decreased to $418.0 million in Q2 2020 from $630.6 million in Q2 2019, primarily due to reduced production volumes.