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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Green Plains Inc | NASDAQ:GPRE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.22 | -6.03% | 19.02 | 19.00 | 20.06 | 20.42 | 18.92 | 20.34 | 1,004,287 | 01:00:00 |
“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
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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