Green Plains Reports Q2 2015 uptick from Q1, and $7.8 million in net income

In Nebraska, Green Plains is reporting Q2 2015 net income of $7.8 million, or $0.19 per diluted share, compared to net income of $32.3 million, or $0.82 per diluted share, for the same period in 2014. Revenues were $744.5 million for the second quarter of 2015 compared to $837.9 million for the same period in 2014.

During Q2, ethanol production totaled 238.7 million gallons, or approximately 93.9% of its daily average production capacity. Non-ethanol operating income from the corn oil production, agribusiness, and marketing and distribution segments was $16.4 million in the second quarter of 2015 compared to $16.5 million for the same period in 2014.

Revenues were $1.5 billion for the six-month period ended June 30, 2015 compared to $1.6 billion for the same period of 2014. Net income for the six-month period ended June 30, 2015 was $4.5 million,

“Strong U.S. ethanol demand, due primarily to lower gasoline prices, resulted in an improvement in our second quarter results compared to the first quarter,” said Todd Becker, President and Chief Executive Officer. “While ethanol margins remain variable, we believe, based on the current forward curve, our diversified platform will generate profitable results for the full year of 2015. Our strong balance sheet provides us with significant flexibility in capital deployment and allocation for the remainder of the year.”

“Demand for ethanol remains robust both domestically and globally. Our expansion projects are progressing to meet the demand growth we expect from E15 in the U.S. and expanding blend rates in foreign markets,” stated Becker. “The long-term picture is very exciting for our company and industry.”

Green Plains had $417.0 million in total cash and equivalents and $175.4 million available under committed loan agreements at subsidiaries (subject to borrowing base restrictions and other specified lending conditions) at June 30, 2015. Net proceeds from the Offering of $157.9 million were received after the close of the second quarter. EBITDA, which is defined as earnings before interest, income taxes, depreciation and amortization, for the second quarter 2015 was $39.3 million compared to $74.5 million for the same period in 2014.