Green Plains(US:GPRE)2024-08-06 10:57Financial Performance - Net loss attributable to Green Plains for Q2 2024 was $24.4 million, or $(0.38) per share, an improvement from a net loss of $52.6 million, or $(0.89) per share, in Q2 2023[1]. - EBITDA for Q2 2024 was $4.8 million, a $19.7 million increase compared to a loss of $15.0 million in the same period last year, driven by stronger ethanol production results[1]. - Revenues decreased by $238.8 million to $618.8 million in Q2 2024, down from $857.6 million in Q2 2023, primarily due to lower selling prices[1][4]. - Operating loss for Q2 2024 was $(17.711) million, an improvement from $(42.480) million in Q2 2023[23]. - Revenues for Q2 2024 were $618.825 million, a decrease of 28% compared to $857.632 million in Q2 2023[23]. - Cost of goods sold for Q2 2024 was $581.002 million, down 30.9% from $842.161 million in Q2 2023[23]. - Total costs and expenses for Q2 2024 were $636.536 million, a decrease of 29.2% from $900.112 million in Q2 2023[23]. - Adjusted EBITDA for Q2 2024 was $5.038 million, compared to $(14.927) million in Q2 2023[27]. - Interest expense for Q2 2024 was $7.494 million, down from $9.741 million in Q2 2023[27]. - Net cash used in operating activities for the first half of 2024 was $(65.717) million, compared to $(168.433) million in the first half of 2023[25]. - Net cash provided by (used in) financing activities for the first half of 2024 was $(32.444) million, compared to $85.539 million in the first half of 2023[25]. Production and Operational Metrics - Ethanol production segment sold 208.5 million gallons in Q2 2024, up from 194.8 million gallons in Q2 2023, with a consolidated ethanol crush margin of $22.7 million compared to $4.6 million last year[3]. - Ethanol production increased to 208,483 gallons in Q2 2024, up 7.0% from 194,753 gallons in Q2 2023[11]. - Adjusted ethanol production operating income for Q2 2024 was $18,331, compared to a loss of $1,886 in Q2 2023[12]. - Consolidated ethanol crush margin improved to $22,658 in Q2 2024, compared to $4,559 in Q2 2023[12]. - Ultra-High Protein production rose by 47.7% to 65 tons in Q2 2024, compared to 44 tons in Q2 2023[11]. - Distillers grains production remained relatively stable, with a slight increase to 463 equivalent dried tons in Q2 2024, up 1.1% from 458 tons in Q2 2023[11]. - Ethanol production from agribusiness and energy services segment decreased by 0.3% to 261,461 gallons in Q2 2024[11]. Financial Position - Total cash and cash equivalents as of June 30, 2024, were $225.1 million, with total debt outstanding at $610.2 million[14]. - Current assets decreased to $551.8 million as of June 30, 2024, from $732.7 million at the end of 2023[21]. - Total stockholders' equity increased to $880.9 million as of June 30, 2024, compared to $990.1 million at the end of 2023[21]. - The company had $219.6 million available under a committed revolving credit facility as of June 30, 2024[14]. Strategic Initiatives - Green Plains entered into a definitive agreement to sell its unit train terminal in Birmingham, with proceeds aimed at repaying outstanding term loan balances[3]. - The 'Advantage Nebraska' carbon strategy is on track for a second half of 2025 start, with capture equipment ordered and construction expected to begin soon[2]. - The world's first commercial scale Clean Sugar Technology facility began commissioning in Q2 2024, with customer demand remaining robust despite slower ramp-up[2]. - The strategic review process initiated in February 2024 continues, exploring various opportunities to enhance long-term shareholder value, including potential acquisitions and partnerships[2].