Green Plains(GPRE) - 2024 Q4 - Annual Results

Financial Performance - Net loss attributable to Green Plains for Q4 2024 was $54.9 million, or $(0.86) per diluted share, compared to a net income of $7.2 million, or $0.12 per diluted share in Q4 2023[1]. - Revenues for Q4 2024 decreased to $584.0 million, down 18.0% from $712.4 million in Q4 2023, primarily due to lower selling prices and volumes of ethanol and distillers grains[5]. - The consolidated ethanol crush margin for Q4 2024 was $(15.5) million, a significant decline from $53.0 million in Q4 2023[4]. - EBITDA for Q4 2024 was $(18.9) million, a decrease of $63.6 million compared to $44.7 million in Q4 2023[6]. - Total revenues for the twelve months ended December 31, 2024, were $2,458,796 thousand, a decline of 25.4% from $3,295,743 thousand in 2023[30]. - For the twelve months ended December 31, 2024, Green Plains Inc. reported a net loss of $81.189 million, compared to a net loss of $76.299 million in 2023, indicating a decline in performance[33]. - The company's EBITDA for the twelve months ended December 31, 2024, was $47.646 million, down from $54.031 million in 2023, reflecting a decrease of approximately 11.4% year-over-year[35]. - The company incurred net payments of $61.697 million on long-term debt during the twelve months ended December 31, 2024, compared to $4.838 million in 2023, indicating increased debt repayment efforts[33]. - Green Plains Inc. reported a significant loss on the sale of assets, netting a loss of $30.723 million for the twelve months ended December 31, 2024, compared to a loss of $5.265 million in 2023[35]. - The company’s adjusted EBITDA for the twelve months ended December 31, 2024, was $18.715 million, down from $45.506 million in 2023, showing a substantial decline[35]. Operational Highlights - The company sold 209.5 million gallons of ethanol in Q4 2024, a slight decrease from 215.7 million gallons in Q4 2023[4]. - Ethanol production for Q4 2024 was 209,540 gallons, a decrease of 2.9% compared to 215,717 gallons in Q4 2023[16]. - Corn consumed in Q4 2024 was 71,221 bushels, a decrease of 4.0% from 74,152 bushels in Q4 2023[16]. - Gross margin for ethanol production in Q4 2024 was $(10.4) million, compared to $59.0 million in Q4 2023, reflecting a 91.7% decline[11]. - Adjusted ethanol production operating loss for Q4 2024 was $19,870 thousand, down from a profit of $46,309 thousand in Q4 2023[18]. - The company completed the acquisition of the remaining interest in Green Plains Partners LP on January 9, 2024, streamlining operations and improving efficiencies[8]. Strategic Initiatives - Green Plains has initiated a corporate reorganization and cost reduction initiative targeting annual savings of up to $50 million, with $30 million in improvements already implemented[2]. - The 'Advantage Nebraska' strategy is on track, with carbon capture operations expected to begin in the second half of 2025, potentially contributing significantly to future earnings[2]. - The company expects that combining cost reduction initiatives with carbon earnings could achieve a combined $180 million annualized contribution to future earnings[2]. Cash and Debt Management - Total cash and cash equivalents as of December 31, 2024, were $209.4 million, with total debt outstanding at $575.4 million[21]. - The company had $200.7 million available under a committed revolving credit facility as of December 31, 2024[21]. - The total cash and cash equivalents, and restricted cash at the end of the period was $209.395 million, a decrease from $378.762 million at the beginning of the period[33]. - The net change in cash and cash equivalents, and restricted cash for the twelve months ended December 31, 2024, was a decrease of $169.367 million, compared to a decrease of $121.514 million in 2023[33]. - Interest expense for the twelve months ended December 31, 2024, was $33.095 million, a decrease from $37.703 million in 2023, indicating a reduction in borrowing costs[35]. Asset Management - The company reported a decrease in total assets from $1,939,322 thousand in 2023 to $1,782,174 thousand in 2024[28].