Green Plains Inc. (NASDAQ:GPRE) today announced financial results
for the second quarter of 2017. Net loss attributable to the
company was $16.4 million, or $(0.41) per diluted share, for the
second quarter of 2017 compared with net income of $8.2 million, or
$0.21 per diluted share, for the same period in 2016. Revenues were
$886.3 million for the second quarter of 2017 compared with $887.7
million for the same period last year.
“While ethanol margins were weak, our food and
ingredients and ag and energy segments generated over $17 million
in quarterly EBITDA led by strong performance from Fleischmann’s
Vinegar and our cattle operations, further validating the
strategy we put in place,” said Todd Becker, president and chief
executive officer. “We proactively took action against the weakened
ethanol margin environment by idling approximately 50 million
gallons, or 40%, of production capacity in June. While we have
returned to full production, we will remain disciplined in our
response to supply/demand imbalances. Although volumes were lower
this quarter, the partnership segment contribution was strong with
over $16 million of EBITDA.”
“Both U.S. and global demand remain strong for
ethanol. U.S. ethanol exports are 48% ahead of last year through
May, putting us on pace to export between 1.1 to 1.3 billion
gallons this year,” Becker added. “We are encouraged by the recent
change allowing 10% ethanol blends in a large portion of Mexico and
the momentum we are seeing with E15 station adoption, which has
increased demand for higher blends in the U.S.”
During the second quarter, Green Plains produced
275.5 million gallons of ethanol compared with 274.3 million
gallons for the same period in 2016. The consolidated ethanol crush
margin was $18.9 million, or $0.07 per gallon, for the second
quarter of 2017 compared with $42.3 million, or $0.15 per gallon,
for the same period in 2016. The consolidated ethanol crush margin
is the ethanol production segment’s operating income before
depreciation and amortization, which includes corn oil production,
plus intercompany storage, transportation and other fees, net of
related expenses.
“Our segment EBITDA, excluding ethanol production
and corporate activities, was approximately $71 million for the
first half of 2017 and we expect these segments will generate
approximately $150 million of EBITDA this year, including our stake
in Green Plains Partners, which remains a significant driver of
value for our shareholders,” commented Becker. “Our strategy to
diversify our revenue and income streams and provide more
predictable cash flows for Green Plains’ shareholders remains a key
focus of our growth objectives.”
Revenues attributable to the company were $1.8
billion for the six-month period ended June 30, 2017, compared with
$1.6 billion for the same period in 2016. Net loss for the
six-month period ended June 30, 2017, was $20.0 million, or $(0.51)
per diluted share, compared with net loss of $15.9 million, or
$(0.42) per diluted share, for the same period in 2016.
“During the quarter, the platform generated free
cash flow and we continue to maintain ample liquidity,” stated
Becker. “We invested $51 million of growth capital during the
quarter to acquire two cattle feed yards, expand vinegar production
capacity and continue constructing our new export terminal in
Beaumont. We used $8.5 million of cash, along with 2.8 million
shares of common stock, to extinguish $56.3 million of convertible
debt, paid $4.7 million in dividends and ended the quarter with
$225 million of total cash on the balance sheet and $171 million of
available liquidity.”
“While we’re not happy with the bottom line results
this quarter, our balance sheet remains strong and we will continue
to focus on growing and diversifying our business going forward.
Based on current markets, we expect better performance in the third
and fourth quarters and will move quickly to reduce volatility and
lock away margins as they expand from here.”
Recent Developments
- On July 28, 2017, Green Plains’ wholly owned subsidiary, Green
Plains Trade, amended its senior secured revolving credit
agreement, increasing the maximum commitment from $150 million to
$300 million and extending the maturity date from Nov. 26, 2019, to
July 28, 2022. The amendment reduces the interest rate spreads,
increases inventory advance rates and expands eligible inventory
locations and commodities.
- On May 16, 2017, Green Plains Cattle Company LLC completed the
acquisition of two cattle feed yards from Cargill Cattle Feeders,
LLC for approximately $37.2 million, plus certain working capital
adjustments. The transaction includes feed yards located in Leoti,
Kan. and Yuma, Colo., adding combined cattle capacity of 155,000
head to the company’s operations, supported by a long-term supply
agreement with Cargill Meat Solutions.
- On April 28, 2017, Green Plains Cattle entered into an
amendment of its senior secured asset-based revolving credit
facility to finance the expanded working capital
requirements for the cattle feedlot operations. The amendment
increased the maximum commitment from $100 million to $200 million
until July 31, 2017, at which time it was increased again to $300
million. The maturity date was also extended from Oct. 31, 2017, to
April 30, 2020.
- During the second quarter, Green Plains entered into privately
negotiated agreements with holders, on behalf of certain beneficial
owners, of the company’s 3.25% Convertible Senior Notes due 2018.
Under these agreements, the company exchanged approximately 2.8
million shares of its common stock and $8.5 million in cash for
approximately $56.3 million in aggregate principal amount of the
2018 notes. The company incurred a non-cash charge of $1.3 million,
before taxes, related to the debt extinguishment.
Results of OperationsConsolidated
revenues decreased $1.5 million for the three months ended June 30,
2017, compared with the same period in 2016. Revenues were impacted
by decreased grain trading activity and lower average realized
prices for distillers grains. This was partially offset by an
increase in revenues related to ethanol volumes sold plus the
additions of Fleischmann’s Vinegar during the fourth quarter of
2016 and the cattle feedlots during the first and second quarters
of 2017.
Operating income decreased $31.2 million for the
three months ended June 30, 2017, compared with the same period
last year primarily due to decreased margins on ethanol production.
Interest expense increased $8.9 million for the three months ended
June 30, 2017, compared with the same period in 2016, primarily due
to higher average debt outstanding and borrowing costs, as well as
the expense recorded on the extinguishment of a portion of the
3.25% convertible notes. Income tax benefit was $9.7 million for
the three months ended June 30, 2017, compared with income tax
expense of $5.5 million for the same period in 2016.
Earnings before interest, income taxes,
depreciation and amortization (EBITDA) for the second quarter of
2017 was $24.1 million compared with $47.7 million for the same
period last year.
Segment InformationDuring the
fourth quarter of 2016, management restructured its operating
segments. The four segments are: (1) ethanol production, which
includes ethanol, distillers grains and corn oil production, (2)
agribusiness and energy services, which includes grain handling and
storage, commodity marketing and merchant trading, (3) food and
ingredients, which includes the vinegar, cattle feedlot and
food-grade corn oil operations 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. Prior periods have been reclassified to
conform to the revised segment presentation.
GREEN PLAINS INC. |
SEGMENT OPERATIONS |
(unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
% Var. |
|
|
2017 |
|
|
|
2016 |
|
|
% Var. |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethanol
production |
$ |
618,846 |
|
|
$ |
595,168 |
|
|
4.0 |
|
% |
|
$ |
1,240,221 |
|
|
$ |
1,123,496 |
|
|
10.4 |
|
% |
Agribusiness and energy services |
|
160,536 |
|
|
|
211,747 |
|
|
(24.2 |
) |
|
|
|
338,339 |
|
|
|
379,301 |
|
|
(10.8 |
) |
|
Food and
ingredients |
|
116,697 |
|
|
|
87,484 |
|
|
33.4 |
|
|
|
|
214,757 |
|
|
|
146,232 |
|
|
46.9 |
|
|
Partnership |
|
25,065 |
|
|
|
25,493 |
|
|
(1.7 |
) |
|
|
|
52,294 |
|
|
|
49,281 |
|
|
6.1 |
|
|
Intersegment eliminations |
|
(34,881 |
) |
|
|
(32,165 |
) |
|
8.4 |
|
|
|
|
(71,664 |
) |
|
|
(61,379 |
) |
|
16.8 |
|
|
|
$ |
886,263 |
|
|
$ |
887,727 |
|
|
(0.2 |
) |
% |
|
$ |
1,773,947 |
|
|
$ |
1,636,931 |
|
|
8.4 |
|
% |
Gross margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethanol
production |
$ |
6,200 |
|
|
$ |
29,730 |
|
|
(79.1 |
) |
% |
|
$ |
28,437 |
|
|
$ |
23,560 |
|
|
20.7 |
|
% |
Agribusiness and energy services |
|
8,426 |
|
|
|
16,670 |
|
|
(49.5 |
) |
|
|
|
19,835 |
|
|
|
24,809 |
|
|
(20.0 |
) |
|
Food and
ingredients |
|
16,688 |
|
|
|
6,443 |
|
|
159.0 |
|
|
|
|
31,713 |
|
|
|
5,937 |
|
|
434.2 |
|
|
Partnership |
|
25,065 |
|
|
|
25,493 |
|
|
(1.7 |
) |
|
|
|
52,294 |
|
|
|
49,281 |
|
|
6.1 |
|
|
Intersegment eliminations |
|
(135 |
) |
|
|
(133 |
) |
|
1.5 |
|
|
|
|
(247 |
) |
|
|
(867 |
) |
|
(71.5 |
) |
|
|
$ |
56,244 |
|
|
$ |
78,203 |
|
|
(28.1 |
) |
% |
|
$ |
132,032 |
|
|
$ |
102,720 |
|
|
28.5 |
|
% |
Depreciation and
amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethanol
production |
$ |
20,142 |
|
|
$ |
15,150 |
|
|
33.0 |
|
% |
|
$ |
40,484 |
|
|
$ |
30,930 |
|
|
30.9 |
|
% |
Agribusiness and energy services |
|
659 |
|
|
|
947 |
|
|
(30.4 |
) |
|
|
|
1,319 |
|
|
|
1,253 |
|
|
5.3 |
|
|
Food and
ingredients |
|
3,240 |
|
|
|
274 |
|
|
* |
|
|
|
|
6,120 |
|
|
|
545 |
|
|
* |
|
|
Partnership |
|
1,247 |
|
|
|
1,488 |
|
|
(16.2 |
) |
|
|
|
2,501 |
|
|
|
2,705 |
|
|
(7.5 |
) |
|
Corporate
activities |
|
900 |
|
|
|
842 |
|
|
6.9 |
|
|
|
|
1,847 |
|
|
|
1,413 |
|
|
30.7 |
|
|
|
$ |
26,188 |
|
|
$ |
18,701 |
|
|
40.0 |
|
% |
|
$ |
52,271 |
|
|
$ |
36,846 |
|
|
41.9 |
|
% |
Operating income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethanol
production |
$ |
(22,459 |
) |
|
$ |
7,558 |
|
|
* |
|
% |
|
$ |
(29,057 |
) |
|
$ |
(22,007 |
) |
|
32.0 |
|
% |
Agribusiness and energy services |
|
3,083 |
|
|
|
9,766 |
|
|
(68.4 |
) |
|
|
|
9,452 |
|
|
|
13,503 |
|
|
(30.0 |
) |
|
Food and
ingredients |
|
10,714 |
|
|
|
5,758 |
|
|
86.1 |
|
|
|
|
20,340 |
|
|
|
4,395 |
|
|
362.8 |
|
|
Partnership |
|
14,798 |
|
|
|
14,803 |
|
|
- |
|
|
|
|
31,417 |
|
|
|
27,874 |
|
|
12.7 |
|
|
Corporate
activities |
|
(9,842 |
) |
|
|
(10,381 |
) |
|
(5.2 |
) |
|
|
|
(18,391 |
) |
|
|
(18,209 |
) |
|
1.0 |
|
|
Intersegment eliminations |
|
(80 |
) |
|
|
(95 |
) |
|
(15.8 |
) |
|
|
|
(155 |
) |
|
|
(793 |
) |
|
(80.5 |
) |
|
|
$ |
(3,786 |
) |
|
$ |
27,409 |
|
|
(113.8 |
) |
% |
|
$ |
13,606 |
|
|
$ |
4,763 |
|
|
185.7 |
|
% |
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethanol
production |
$ |
(873 |
) |
|
$ |
22,744 |
|
|
* |
|
% |
|
$ |
12,951 |
|
|
$ |
9,008 |
|
|
43.8 |
|
% |
Agribusiness and energy services |
|
3,747 |
|
|
|
11,881 |
|
|
(68.5 |
) |
|
|
|
10,760 |
|
|
|
14,936 |
|
|
(28.0 |
) |
|
Food and
ingredients |
|
13,955 |
|
|
|
6,042 |
|
|
131.0 |
|
|
|
|
26,469 |
|
|
|
4,965 |
|
|
433.1 |
|
|
Partnership |
|
16,066 |
|
|
|
16,312 |
|
|
(1.5 |
) |
|
|
|
33,960 |
|
|
|
30,621 |
|
|
10.9 |
|
|
Corporate
activities |
|
(8,742 |
) |
|
|
(9,009 |
) |
|
(3.0 |
) |
|
|
|
(16,063 |
) |
|
|
(16,505 |
) |
|
(2.7 |
) |
|
Intersegment eliminations |
|
(80 |
) |
|
|
(314 |
) |
|
(74.5 |
) |
|
|
|
(155 |
) |
|
|
(1,135 |
) |
|
(86.3 |
) |
|
|
$ |
24,073 |
|
|
$ |
47,656 |
|
|
(49.5 |
) |
% |
|
$ |
67,922 |
|
|
$ |
41,890 |
|
|
62.1 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Percentage variance not considered meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREEN PLAINS INC. |
SELECTED OPERATING DATA |
(unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
|
|
|
2017 |
|
2016 |
|
% Var. |
|
2017 |
|
2016 |
|
% Var. |
Ethanol production |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethanol
(gallons) |
275,539 |
|
274,271 |
|
0.5 |
|
% |
|
601,965 |
|
521,226 |
|
15.5 |
% |
Distillers grains (equivalent dried tons) |
728 |
|
734 |
|
(0.8 |
) |
|
|
1,605 |
|
1,381 |
|
16.2 |
|
Corn oil
(pounds) |
65,685 |
|
64,514 |
|
1.8 |
|
|
|
141,042 |
|
124,354 |
|
13.4 |
|
Corn
consumed (bushels) |
95,680 |
|
95,638 |
|
- |
|
|
|
209,165 |
|
182,169 |
|
14.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness and energy
services |
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
ethanol sold (gallons) |
344,158 |
|
324,697 |
|
6.0 |
|
|
|
637,908 |
|
601,853 |
|
6.0 |
|
Export
ethanol sold (gallons) |
36,794 |
|
30,967 |
|
18.8 |
|
|
|
102,639 |
|
79,972 |
|
28.3 |
|
|
380,952 |
|
355,664 |
|
7.1 |
|
|
|
740,547 |
|
681,825 |
|
8.6 |
|
Food and
ingredients |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
cattle on feed (daily average head) |
89 |
|
66 |
|
34.8 |
|
|
|
76 |
|
63 |
|
20.6 |
|
Customer
cattle on feed (daily average head) |
100 |
|
2 |
|
* |
|
|
|
53 |
|
2 |
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Partnership |
|
|
|
|
|
|
|
|
|
|
|
|
|
Storage
and throughput (gallons) |
284,496 |
|
278,879 |
|
2.0 |
|
|
|
605,578 |
|
526,389 |
|
15.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Percentage variance
not considered meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
GREEN PLAINS INC. |
CONSOLIDATED CRUSH MARGIN |
(unaudited, in thousands except per gallon
amounts) |
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
|
Three Months Ended June
30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
2017 |
|
|
|
2016 |
|
($ in thousands) |
|
($ per gallon produced) |
|
|
|
|
|
|
|
|
Ethanol production
operating income (loss) |
$ |
(22,459 |
) |
|
$ |
7,558 |
|
$ |
(0.08 |
) |
|
$ |
0.03 |
Depreciation and amortization |
|
20,142 |
|
|
|
15,150 |
|
|
0.08 |
|
|
|
0.05 |
Total
ethanol production |
|
(2,317 |
) |
|
|
22,708 |
|
|
(0.00 |
) |
|
|
0.08 |
|
|
|
|
|
|
|
|
Intercompany fees,
net: |
|
|
|
|
|
|
|
Storage
and logistics (partnership) |
|
14,757 |
|
|
|
15,006 |
|
|
0.05 |
|
|
|
0.05 |
Marketing
and agribusiness fees (agribusiness and energy services) |
|
6,451 |
|
|
|
4,630 |
|
|
0.02 |
|
|
|
0.02 |
Consolidated crush margin |
$ |
18,891 |
|
|
$ |
42,344 |
|
$ |
0.07 |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
Liquidity and Capital ResourcesOn
June 30, 2017, Green Plains had $225.0 million in total cash and
cash equivalents, and $171.1 million available under revolving
credit agreements, some of which are subject to restrictions and
other lending conditions. Subsequent to June 30, 2017, the company
increased the availability under two of its revolving credit
facilities by a total of $250 million. Total debt outstanding was
$1,081.4 million, including $341.5 million outstanding under
working capital revolvers and other short-term borrowing
arrangements for the agribusiness and energy services, and the food
and ingredients segments at June 30, 2017.
Conference Call InformationOn Aug.
1, 2017, 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 2017 financial and operating
results for each company. Domestic and international participants
can access the conference call by dialing 888.417.8531 and
719.457.2080, respectively. 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
MeasuresManagement uses earnings before interest, income
taxes, depreciation and amortization, or EBITDA, segment EBITDA and
consolidated ethanol crush margin to measure the company’s
financial performance and to internally manage its businesses.
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 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 related to ethanol production, grain
handling and storage, cattle feedlots, food ingredients, and
commodity marketing and logistics services. The company is the
second largest consolidated owner of ethanol production facilities
in the world with 17 dry mill plants, producing nearly 1.5 billion
gallons of ethanol at full capacity. Green Plains owns a 62.5%
limited partner interest and a 2.0% general partner interest in
Green Plains Partners. For more information about Green Plains,
visit www.gpreinc.com.
About Green Plains Partners
LPGreen 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 tanks, terminals,
transportation assets and other related assets and businesses. For
more information about Green Plains Partners, visit
www.greenplainspartners.com.
Forward-Looking StatementsThis
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; risks related to closing and achieving anticipated
results from acquisitions; risks associated with the joint venture
to commercialize algae production and growth potential of the algal
biomass industry; risks associated with the recent acquisitions of
three ethanol plants, Fleischmann’s Vinegar and three cattle
feedlots; 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, 2017 |
|
December 31, 2016 |
|
|
ASSETS |
(unaudited) |
|
|
Current assets |
|
|
|
Cash and
cash equivalents |
$ |
195,442 |
|
$ |
304,211 |
Restricted cash |
|
29,592 |
|
|
51,979 |
Accounts
receivable, net |
|
134,885 |
|
|
147,495 |
Inventories |
|
444,738 |
|
|
422,181 |
Other
current assets |
|
61,569 |
|
|
74,710 |
Total
current assets |
|
866,226 |
|
|
1,000,576 |
Property and equipment,
net |
|
1,199,080 |
|
|
1,178,706 |
Other assets |
|
331,317 |
|
|
327,210 |
Total
assets |
$ |
2,396,623 |
|
$ |
2,506,492 |
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities |
|
|
|
Accounts
payable |
$ |
139,732 |
|
$ |
192,275 |
Accrued
and other liabilities |
|
44,933 |
|
|
67,473 |
Short-term notes payable and other borrowings |
|
341,463 |
|
|
291,223 |
Current
maturities of long-term debt |
|
6,178 |
|
|
35,059 |
Other
current liabilities |
|
8,165 |
|
|
8,916 |
Total
current liabilities |
|
540,471 |
|
|
594,946 |
Long-term debt |
|
733,780 |
|
|
782,610 |
Other liabilities |
|
131,405 |
|
|
149,745 |
Total
liabilities |
|
1,405,656 |
|
|
1,527,301 |
|
|
|
|
Stockholders’
equity |
|
|
|
Total
Green Plains stockholders’ equity |
|
874,369 |
|
|
862,507 |
Noncontrolling interests |
|
116,598 |
|
|
116,684 |
Total
liabilities and stockholders’ equity |
$ |
2,396,623 |
|
$ |
2,506,492 |
|
|
|
|
GREEN PLAINS INC. |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(unaudited, in thousands except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
% Var. |
|
|
2017 |
|
|
|
2016 |
|
|
% Var. |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
Product |
$ |
884,712 |
|
|
$ |
885,772 |
|
|
(0.1 |
) |
% |
|
$ |
1,770,924 |
|
|
$ |
1,632,956 |
|
|
8.4 |
|
% |
Service |
|
1,551 |
|
|
|
1,955 |
|
|
(20.7 |
) |
|
|
|
3,023 |
|
|
|
3,975 |
|
|
(23.9 |
) |
|
Total
revenues |
|
886,263 |
|
|
|
887,727 |
|
|
(0.2 |
) |
|
|
|
1,773,947 |
|
|
|
1,636,931 |
|
|
8.4 |
|
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
goods sold |
|
830,019 |
|
|
|
809,524 |
|
|
2.5 |
|
|
|
|
1,641,915 |
|
|
|
1,534,211 |
|
|
7.0 |
|
|
Operations and maintenance |
|
8,267 |
|
|
|
8,504 |
|
|
(2.8 |
) |
|
|
|
16,798 |
|
|
|
17,149 |
|
|
(2.0 |
) |
|
Selling,
general and administrative |
|
25,575 |
|
|
|
23,589 |
|
|
8.4 |
|
|
|
|
49,357 |
|
|
|
43,962 |
|
|
12.3 |
|
|
Depreciation and amortization |
|
26,188 |
|
|
|
18,701 |
|
|
40.0 |
|
|
|
|
52,271 |
|
|
|
36,846 |
|
|
41.9 |
|
|
Total
costs and expenses |
|
890,049 |
|
|
|
860,318 |
|
|
3.5 |
|
|
|
|
1,760,341 |
|
|
|
1,632,168 |
|
|
7.9 |
|
|
Operating
income (loss) |
|
(3,786 |
) |
|
|
27,409 |
|
|
* |
|
|
|
|
13,606 |
|
|
|
4,763 |
|
|
185.7 |
|
|
Other income
(expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
314 |
|
|
|
368 |
|
|
(14.7 |
) |
|
|
|
678 |
|
|
|
778 |
|
|
(12.9 |
) |
|
Interest
expense |
|
(19,430 |
) |
|
|
(10,499 |
) |
|
85.1 |
|
|
|
|
(37,926 |
) |
|
|
(21,297 |
) |
|
78.1 |
|
|
Other,
net |
|
1,357 |
|
|
|
1,178 |
|
|
15.2 |
|
|
|
|
1,367 |
|
|
|
(497 |
) |
|
* |
|
|
Total
other expense |
|
(17,759 |
) |
|
|
(8,953 |
) |
|
98.4 |
|
|
|
|
(35,881 |
) |
|
|
(21,016 |
) |
|
70.7 |
|
|
Income (loss) before
income taxes |
|
(21,545 |
) |
|
|
18,456 |
|
|
* |
|
|
|
|
(22,275 |
) |
|
|
(16,253 |
) |
|
37.1 |
|
|
Income tax expense
(benefit) |
|
(9,749 |
) |
|
|
5,471 |
|
|
* |
|
|
|
|
(12,130 |
) |
|
|
(9,422 |
) |
|
28.7 |
|
|
Net income (loss) |
|
(11,796 |
) |
|
|
12,985 |
|
|
* |
|
|
|
|
(10,145 |
) |
|
|
(6,831 |
) |
|
48.5 |
|
|
Net income attributable
to noncontrolling interests |
|
4,570 |
|
|
|
4,794 |
|
|
(4.7 |
) |
|
|
|
9,818 |
|
|
|
9,116 |
|
|
7.7 |
|
|
Net income (loss)
attributable to Green Plains |
$ |
(16,366 |
) |
|
$ |
8,191 |
|
|
* |
|
% |
|
$ |
(19,963 |
) |
|
$ |
(15,947 |
) |
|
25.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to Green Plains - basic |
$ |
(0.41 |
) |
|
$ |
0.21 |
|
|
|
|
|
$ |
(0.51 |
) |
|
$ |
(0.42 |
) |
|
|
|
Net
income (loss) attributable to Green Plains - diluted |
$ |
(0.41 |
) |
|
$ |
0.21 |
|
|
|
|
|
$ |
(0.51 |
) |
|
$ |
(0.42 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
40,220 |
|
|
|
38,425 |
|
|
|
|
|
|
39,326 |
|
|
|
38,311 |
|
|
|
|
Diluted |
|
40,220 |
|
|
|
38,536 |
|
|
|
|
|
|
39,326 |
|
|
|
38,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Percentage variance
not considered meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREEN PLAINS INC. |
CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS |
(unaudited, in thousands) |
|
|
|
|
|
Six Months Ended June
30, |
|
|
|
2017 |
|
|
|
2016 |
|
Cash flows from
operating activities: |
|
|
|
Net
loss |
$ |
(10,145 |
) |
|
$ |
(6,831 |
) |
Noncash
operating adjustments: |
|
|
|
Depreciation and amortization |
|
60,196 |
|
|
|
41,433 |
|
Deferred
income taxes |
|
(12,896 |
) |
|
|
(17,936 |
) |
Other |
|
5,460 |
|
|
|
5,214 |
|
Net
change in working capital |
|
(55,201 |
) |
|
|
(16,946 |
) |
Net cash
provided (used) by operating activities |
|
(12,586 |
) |
|
|
4,934 |
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Purchases
of property and equipment |
|
(27,985 |
) |
|
|
(29,084 |
) |
Acquisition of a business, net of cash acquired |
|
(61,727 |
) |
|
|
(19,935 |
) |
Distributions from (investments in) unconsolidated
subsidiaries |
|
(8,849 |
) |
|
|
994 |
|
Net cash
used by investing activities |
|
(98,561 |
) |
|
|
(48,025 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Net
proceeds (payments) - long-term debt |
|
(32,539 |
) |
|
|
44,777 |
|
Net
proceeds (payments) - short-term borrowings |
|
50,021 |
|
|
|
18,416 |
|
Other |
|
(15,104 |
) |
|
|
(18,049 |
) |
Net cash
provided by financing activities |
|
2,378 |
|
|
|
45,144 |
|
|
|
|
|
Net change in cash and
cash equivalents |
|
(108,769 |
) |
|
|
2,053 |
|
Cash and cash
equivalents, beginning of period |
|
304,211 |
|
|
|
384,867 |
|
Cash and cash
equivalents, end of period |
$ |
195,442 |
|
|
$ |
386,920 |
|
|
|
|
|
GREEN PLAINS INC. |
RECONCILIATIONS TO NON-GAAP FINANCIAL
MEASURES |
(unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
2017 |
|
|
|
2016 |
|
Net income (loss) |
$ |
(11,796 |
) |
|
$ |
12,985 |
|
$ |
(10,145 |
) |
|
$ |
(6,831 |
) |
Interest
expense |
|
19,430 |
|
|
|
10,499 |
|
|
37,926 |
|
|
|
21,297 |
|
Income
tax expense (benefit) |
|
(9,749 |
) |
|
|
5,471 |
|
|
(12,130 |
) |
|
|
(9,422 |
) |
Depreciation and amortization |
|
26,188 |
|
|
|
18,701 |
|
|
52,271 |
|
|
|
36,846 |
|
EBITDA |
$ |
24,073 |
|
|
$ |
47,656 |
|
$ |
67,922 |
|
|
$ |
41,890 |
|
|
|
|
|
|
|
|
|
Contact: Jim Stark | Vice President, Investor & Media Relations | 402.884.8700 | jim.stark@gpreinc.com
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