Green Plains Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-06
Green Plains Inc. Reports Second Quarter 2024 Financial Results
Green Plains Inc. (NASDAQ: GPRE), announced its financial results for the second quarter of 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $618.8 million | $857.6 million | -27.8% | $644.79 million |
| Earnings Per Share (EPS) | $(0.38) | $(0.89) | +57.3% | $(0.12) |
| Net Loss | $24.4 million | $52.6 million | +53.6% | |
| EBITDA | $4.8 million | $(15.0) million | +131.8% |
Interpretation: Despite a 27.8% year-over-year revenue decline, Green Plains managed to reduce its net loss significantly by 53.6% and improve its EBITDA by 131.8% compared to Q2 2023. However, the reported revenue fell short of consensus estimates.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change | Previous Guidance |
|---|---|---|---|---|
| Ethanol Production | Not Provided | Not Provided | Not Provided | Not Provided |
| Agribusiness & Energy | Not Provided | Not Provided | Not Provided | Not Provided |
Interpretation: The earnings release did not provide specific revenue breakdowns by segment or compare it to previous guidance.
Key Operational Data
| Operational Metric | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Ethanol Production (Million Gallons) | 208.5 | 194.8 | +7% |
| Record Platform Renewable Corn Oil Yields | Achieved | Not Provided | Not Provided |
| Record Ultra-High Protein Platform Yields | Achieved | Not Provided | Not Provided |
Comments from Company Officers
Todd Becker, President and CEO, noted, "Margins began to improve heading into the third quarter, and we expect to return to profitability for the quarter based on current markets across our products, setting up a stronger second half of the year overall."
"The world’s first commercial-scale Clean Sugar Technology facility began commissioning during the second quarter...Customer demand remains robust, and while ramp-up has been slower than expected, we remain fully confident in the deployment of this technology," Becker added.
Dividends or Share Repurchase Program
No announcement regarding dividends or share repurchase programs was mentioned in the earnings release.
Forward Guidance
Green Plains anticipates a strong EBITDA outlook for the third quarter and the second half of 2024, driven by improving markets for corn oil pricing and Ultra-High Protein demand, leading to a profitable outlook.
Stock Price Movement Post-Earnings
Following the earnings release, Green Plains’ stock price experienced a decline of approximately 4.99%.
Green Plains' financial performance shows improvement in certain metrics, signaling potential future profitability. The company remains focused on strategic initiatives and technological advancements, which are expected to contribute positively in the upcoming quarters.
