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Green Plains Reports Second Quarter 2013 Financial Results

Stocks in this article: GPRE

Results for the Second Quarter of 2013

  • Net income of $6.0 million
  • Earnings per diluted share of $0.19

OMAHA, Neb., July 30, 2013 (GLOBE NEWSWIRE) -- Green Plains Renewable Energy, Inc. (Nasdaq:GPRE) announced today its financial results for the second quarter ended June 30, 2013. Net income for the quarter was $6.0 million, or $0.19 per diluted share, compared to a net loss of ($7.6) million, or ($0.25) per diluted share, for the same period in 2012. Revenues were $804.7 million for the second quarter of 2013 compared to $870.4 million for the same period in 2012.

"We are pleased to report another quarter of profitability with each of our business segments providing a positive contribution," stated Todd Becker, President and Chief Executive Officer. "Our ethanol production segment capitalized on an improved margin environment while each of our non-ethanol businesses delivered a solid performance as well. As a result, operating income improved nearly $20 million over last year's second quarter."

Green Plains' ethanol production segment produced and sold approximately 172 million gallons of ethanol, or approximately 93 percent of the Company's production capacity. Non-ethanol operating income, from the corn oil production, agribusiness, and marketing and distribution segments, was $17.3 million in the second quarter of 2013 compared to $14.6 million for the same period in 2012. For the first six months of 2013, non-ethanol operating income totaled $38.4 million.

"While ethanol margins have been steadily improving, the third quarter remains heavily dependent on the spot market. We anticipate a better second half in comparison to the first half of 2013 based on the current market structure," commented Becker.

"Our balance sheet remains strong with $227 million in cash, even after we paid off $23 million of our term debt in the second quarter and closed on the purchase of an ethanol plant in Atkinson, Nebraska. We continue to pay down debt which we believe will further position us to grow long-term shareholder value," said Becker.

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