Green Plains Reports Net Loss for Q1 Narrows vs 1Q23

OAKHURST, N.J. (DTN) --- Green Plains Inc. reported a first quarter net loss attributable to the company of $51.4 million versus net loss attributable to the company of $70.3 million in the first quarter 2023 while EBITDA increased $6.1 million to a loss of $21.5 million compared to the same period last year, primarily due to higher margins in its ethanol production segment.

"Margins in the first quarter were weaker across our product mix and we were impacted by industry oversupply during a mild winter leading to stock builds and lower prices realized, though margins have improved from the first quarter lows, and compared to this time frame in years prior the forward curve looks better for the rest of year," said Todd Becker, president and CEO. "Although our assets continue to run well, with a plant utilization rate of 92%, a few plants that were idled during the January cold snap had an impact on the quarter, in addition to significant planned maintenance programs in Mount Vernon and Obion that are underway. We had another quarter of strong Ultra-High Protein production and with our turnkey JV partner Tharaldson coming online, this brings total annual capacity to 430,000 tons which equates to over 640 million gallons of converted capacity."

Green Plains' ethanol production segment sold 207.9 million gallons of ethanol during the first quarter compared with 206.9 million gallons for the first quarter 2023. Consolidated ethanol crude margin was a loss of $9.3 million versus a loss of $12.5 million a year ago.

Consolidated revenues decreased $235.7 million for the first quarter compared with the same period in 2023 primarily due to lower weighted average selling prices on ethanol, distillers' grains, and renewable corn oil as well as lower distillers' grains and renewable corn oil volumes sold, partially offset by higher ethanol volumes sold within its ethanol production segment. Revenues were also lower within Green Plains' agribusiness and energy services segment because of lower natural gas prices and trading margins as well as a decrease in ethanol prices.

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