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Green Plains Reports Fourth Quarter and Full-Year 2014 Financial Results
Company Achieves Record Operating Income of $286 million for 2014
Results for the Fourth Quarter of 2014
|||Net income of $42.2 million|
|||Earnings per diluted share of $1.07|
Results for the Full Year of 2014
|||Net income of $159.5 million|
|||Earnings per diluted share of $3.96|
OMAHA, NEB. (GLOBE NEWSWIRE) February 4, 2015 Green Plains Inc. (NASDAQ: GPRE) announced today its financial results for the fourth quarter of 2014. Net income for the quarter was $42.2 million, or $1.07 per diluted share, compared to net income of $25.5 million, or $0.65 per diluted share, for the same period in 2013. Revenues were $829.9 million for the fourth quarter of 2014 compared to $712.9 million for the same period in 2013.
Net income for the full year was $159.5 million, or $3.96 per diluted share, compared to $43.4 million, or $1.26 per diluted share for the same period in 2013. Revenues were $3.2 billion for the full year of 2014 compared to $3.0 billion for the same period in 2013.
We continue to focus on profitable growth opportunities within and adjacent to our value chain, said Todd Becker, President and Chief Executive Officer. This year gave us the opportunity to demonstrate the capability of the large diversified platform we have been building over the last 7 years. We produced a record 966 million gallons of ethanol, processed 10 million tons of corn, and earned over $100 million of non-ethanol operating income in 2014. We are also close to achieving our goal of zero net term debt
During the fourth quarter, Green Plains ethanol production totaled 246.6 million gallons, or approximately 96% of its daily average production capacity. Non-ethanol operating income from the corn oil production, agribusiness, and marketing and distribution segments was $23.9 million in the fourth quarter of 2014 compared to $28.2 million for the same period in 2013. Non-ethanol operating income for the year ended December 31, 2014 was $103.8 million compared to $80.9 million for the same period in 2013.
U.S. ethanol margins have been volatile during the first part of this year. Demand for the product at these lower price levels remains robust, both domestically and internationally. We expect the industry will continue to adjust to lower energy prices and remain optimistic we will perform well over the coming year, added Becker. Green Plains just completed its sixth consecutive year of profitable operations, a testament to the resiliency of our people, our assets and our strategy.
Green Plains had $455.3 million in total cash and equivalents and $187.5 million available under committed loan agreements at subsidiaries (subject to borrowing base restrictions and other specified lending conditions) at December 31, 2014. Green Plains reduced term debt outstanding by $100.8 million and invested $85.4 million in capital expenditures and acquisitions during 2014.
Fourth quarter 2014 EBITDA, which is defined as earnings before interest, income taxes, depreciation and amortization, was $90.7 million compared to $63.9 million for the same period in 2013. For the year ended December 31, 2014, EBITDA was $350.7 million compared to $156.6 million for the same period in 2013. For reconciliations of net income to EBITDA, see EBITDA below.
The following information was filed by Green Plains Inc. (GPRE) on Wednesday, February 4, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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