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|FOR IMMEDIATE RELEASE|
Green Plains Reports Fourth Quarter and Full Year 2016 Financial Results
Company Reports 8th Consecutive Year of Profitability
Results for the Fourth Quarter of 2016
|||Net income of $18.7 million, or $0.47 per diluted share|
|||Record ethanol production of 334.2 million gallons|
|||EBITDA of $83.5 million|
Results for the Full Year of 2016
|||Net income of $10.7 million, or $0.28 per diluted share|
|||Company produced 1.1 billion gallons, a 21% increase over 2015|
|||EBITDA of $174.4 million|
OMAHA, Neb., Feb. 8, 2017 (GLOBE NEWSWIRE) - Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the fourth quarter of 2016. Net income attributable to the company was $18.7 million, or $0.47 per diluted share, for the fourth quarter of 2016 compared with net loss of $(3.6) million, or $(0.09) per diluted share, for the same period in 2015. Revenues were $932.1 million for the fourth quarter of 2016 compared with $739.9 million for the same period last year.
Green Plains finished 2016 on a strong note, generating $74.3 million of segment operating income in the fourth quarter as we successfully integrated the acquisitions of three ethanol plants and Fleischmanns Vinegar Company into our platform, said Todd Becker, president and chief executive officer. Each of our business units performed well during the quarter and the year, delivering strong results by continuing to focus on executing our long term strategy of diversification and achieving scale in all of our businesses.
With the addition of Fleischmanns Vinegar Company in the fourth quarter of 2016, Green Plains restructured its operating segments. The four segments include: ethanol production, agribusiness and energy services, food and food ingredients and partnership. Please see segment information below for more detail.
During the fourth quarter, Green Plains produced 334.2 million gallons of ethanol compared with 260.8 million gallons for the same period in 2015. The consolidated ethanol crush margin was $81.6 million, or $0.24 per gallon, for the fourth quarter of 2016 compared with $28.9 million, or $0.11 per gallon, for the same period in 2015. The consolidated ethanol crush margin is the ethanol production segments operating income before depreciation and amortization, which includes corn oil production, plus intercompany storage, transportation and other fees, net of related expenses.
Revenues were $3.4 billion for the year ended Dec. 31, 2016, compared with $3.0 billion for the same period in 2015. Net income attributable to the company for the year ended Dec. 31, 2016, was $10.7 million, or $0.28 per diluted share, compared with net income of $7.1 million, or $0.18 per diluted share, for the same period in 2015.
U.S. ethanol demand was strong in 2016 and we expect that to continue in 2017. In addition, exports were the strongest we have seen in 5 years. U.S. ethanol remains competitively priced and export demand could be even stronger this year, Becker added. We expect to see solid infrastructure growth in support of E15 with new locations and more retailers expanding demand for the product. In all, we believe gasoline demand will continue to grow, leading to an improved ethanol margin environment as we approach the beginning of summer driving season in April.
We invested over $550 million of growth capital in 2016, which we believe positions us to deliver stronger results in the future. We continue to evaluate additional growth opportunities across all of our segments and we look forward to the completion of the Jefferson Energy Terminal joint venture in the second half of this year, stated Becker.
Full Year Highlights
|||On Jan. 1, 2016, Green Plains sold the storage and transportation assets of the Hopewell and Hereford ethanol production facilities to Green Plains Partners for $62.3 million.|
The following information was filed by Green Plains Inc. (GPRE) on Wednesday, February 8, 2017 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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