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Green Plains Reports Third Quarter 2013 Financial Results

Stocks in this article: GPRE

Results for the Third Quarter of 2013

  • Net income of $9.4 million
  • Earnings per diluted share of $0.28

OMAHA, Neb., Oct. 29, 2013 (GLOBE NEWSWIRE) -- Green Plains Renewable Energy, Inc. (Nasdaq:GPRE) announced today its financial results for the third quarter ended September 30, 2013. Net income for the quarter was $9.4 million, or $0.28 per diluted share, compared to a net loss of ($1.0) million, or ($0.03) per diluted share, for the same period in 2012. Revenues were $758.0 million for the third quarter of 2013 compared to $947.4 million for the same period in 2012.

"We believe ethanol industry fundamentals are as positive as we have seen in recent history," stated Todd Becker, President and Chief Executive Officer. "During the third quarter, our team effectively managed through significant price volatility at the end of the crop year. With the recovery in U.S corn production, ethanol is well-positioned competitively, resulting in strong demand for our production in U.S. and global markets. These fundamentals give us confidence we will finish 2013 with the strongest quarterly results of the year."

Green Plains' ethanol production segment produced approximately 176.8 million gallons of ethanol, or approximately 91 percent of the Company's production capacity. Non-ethanol operating income, from the corn oil production, agribusiness, and marketing and distribution segments, was $14.2 million in the third quarter of 2013 compared to $20.8 million for the same period in 2012. For the first nine months of 2013, non-ethanol operating income totaled $52.7 million.

"Our growth strategy is to continue to expand our business across all of our segments. We believe with our strong balance sheet, we are positioned to accelerate our growth plans. With the completion of our 2013 grain expansion program, we increased our total grain storage capacity to over 27 million bushels and have set a goal of 50 million bushels of capacity by the end of 2015. In addition, we are always searching for acquisitions within our businesses that meet our disciplined criteria," concluded Becker.

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