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Green Plains reports results

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Hydrocarbon Engineering,

Green Plains Inc. has announced financial results for the 4Q16. Net income attributable to the company was US$18.7 million, or US$0.47 per diluted share, for the 4Q16 compared with net loss of US$(3.6) million, or US$(0.09) per diluted share, for the same period in 2015. Revenues were US$932.1 million for the 4Q16 compared with US$739.9 million for the same period last year.

With the addition of Fleischmann’s Vinegar Company in the 4Q16, Green Plains restructured its operating segments. The four segments include: ethanol production, agribusiness and energy services, food and food ingredients and partnership. During 4Q16, Green Plains produced 334.2 million gal. of ethanol compared with 260.8 million gal. for the same period in 2015. The consolidated ethanol crush margin was US$81.6 million, or US$0.24/gal., for the 4Q16 compared with US$28.9 million, or US$0.11/gal., for the same period in 2015. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortisation, which includes corn oil production, plus intercompany storage, transportation and other fees, net of related expenses.

Revenues were US$3.4 billion for the year ended 31 Dec 2016, compared with US$3.0 billion for the same period in 2015. Net income attributable to the company for the year ended 31 Dec 2016, was US$10.7 million, or US$0.28 per diluted share, compared with net income of US$7.1 million, or US$0.18 per diluted share, for the same period in 2015.

Full year highlights

  • On 1 Jan 2016, Green Plains sold the storage and transportation assets of the Hopewell and Hereford ethanol production facilities to Green Plains Partners for US$62.3 million.
  • On 14 June 2016, Green Plains Inc. and Jefferson Gulf Coast Energy Partners, a subsidiary of Fortress Transportation and Infrastructure Investors LLC, announced the formation of a 50/50 joint venture to construct and operate an intermodal export and import fuels terminal at Jefferson’s existing Beaumont, Texas terminal. Green Plains will offer its interest in the joint venture to the partnership once commercial development is complete, which is expected during the second half of 2017.
  • In Aug. 2016, Green Plains completed a private offering of US$170 million aggregate principal amount of 4.125% convertible senior notes that will mature on 1 Sept 2022. The net proceeds from the offering were used to finance the recent acquisitions.
  • On 23 Sept 2016, Green Plains acquired three ethanol plants located in Madison, Ill., Mount Vernon, Ind. and York. Neb. for approximately US$235 million in cash plus certain working capital adjustments. Concurrently, the ethanol storage assets were sold to Green Plains Partners LP for US$90 million. The plants added 230 million gal./y of ethanol production capacity.
  • On 3 Oct 2016, Green Plains acquired SCI Ingredients Holdings, Inc. and its wholly owned subsidiary, Fleischmann’s Vinegar Company, Inc., for approximately US$258 million, financing the transaction with US$135 million of debt and the balance with cash on hand. Fleischmann’s Vinegar Company operates as a standalone business.


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