Green Plains(US:GPRE)2024-10-31 10:56Financial Performance - Net income attributable to Green Plains for Q3 2024 was $48.2 million, or $0.69 per diluted share, compared to $22.3 million, or $0.35 per diluted share in Q3 2023, representing a 116.5% increase in net income[1] - EBITDA for Q3 2024 was $83.3 million, up from $52.0 million in the same period last year, marking a 60.3% increase[1] - Revenues for the three months ended September 30, 2024, were $658,735, a decrease of 26.1% compared to $892,770 for the same period in 2023[27] - Operating income for the three months ended September 30, 2024, was $56,052, compared to $21,174 for the same period in 2023, representing a significant increase[27] - Adjusted EBITDA for the three months ended September 30, 2024, was $53,318, up from $42,932 in the same period of 2023, indicating a growth of 24.5%[30] - Total costs and expenses for the three months ended September 30, 2024, were $602,683, a decrease of 30.9% compared to $871,596 for the same period in 2023[27] - Net cash used in operating activities for the nine months ended September 30, 2024, was $(2,996), a significant improvement compared to $(55,386) for the same period in 2023[28] - The company reported a net change in cash and cash equivalents of $(126,802) for the nine months ended September 30, 2024, compared to $(134,116) for the same period in 2023[28] - Interest expense for the nine months ended September 30, 2024, was $25,369, down from $29,029 in the same period of 2023, reflecting a decrease of 12.9%[30] Production and Operational Metrics - Ethanol production segment sold 220.3 million gallons in Q3 2024, slightly down from 223.5 million gallons in Q3 2023[4] - Ethanol production for the three months ended September 30, 2024, was 220,299 gallons, a decrease of 1.4% compared to 223,469 gallons in the same period of 2023[12] - The plant utilization rate reached 97%, indicating strong operational performance[1] - The company produced 69 tons of Ultra-High Protein in Q3 2024, an increase of 13.1% from 61 tons in Q3 2023[12] - Renewable corn oil production increased by 3.8% to 77,074 pounds in Q3 2024 compared to 74,227 pounds in Q3 2023[12] Financial Position and Liquidity - Total cash and cash equivalents as of September 30, 2024, were $252.0 million, with total debt outstanding at $556.2 million[16] - Current liabilities decreased to $316,122 as of September 30, 2024, from $384,962 in the previous year[23] - Total assets as of September 30, 2024, were $1,759,954, down from $1,939,322 as of December 31, 2023[24] - The company had $228.5 million available under a committed revolving credit facility as of September 30, 2024[16] - The recent sale of the unit train terminal in Birmingham, Alabama allowed Green Plains to pay off higher-priced debt, enhancing its financial stability[2] - The company generated solid free cash from operations, improving its financial position and liquidity after Q3 2024[2] Strategic Initiatives and Future Outlook - Green Plains is on track to decarbonize 287 million gallons of capacity by next year, ahead of most industry peers[2] - The Clean Sugar Technology™ facility in Shenandoah, Iowa has commenced production, with samples sent to customers for evaluation[1] - The company anticipates future growth driven by new product development and market expansion strategies[20] Ethanol Crush Margin - The consolidated ethanol crush margin was $58.3 million in Q3 2024, compared to $52.9 million in Q3 2023, reflecting an increase of 4.5%[4] - Adjusted ethanol production operating income for the three months ended September 30, 2024, was $56,684, compared to $46,527 in 2023, reflecting a significant increase[14] - The consolidated ethanol crush margin for the three months ended September 30, 2024, was $58,291, up from $52,947 in the same period of 2023[14]