For Green Plains, record ethanol production equals 4-fold 3Q profit increase
Source: By Russell Hubbard / World-Herald staff writer • Posted: Wednesday, October 29, 2014
Green Plains Inc. said Tuesday that third-quarter profit jumped more than four-fold on record ethanol production.
Green Plains said it had record production of 246.9 million gallons of ethanol. Non-ethanol operating income from corn oil production, agribusiness and marketing and distribution was $22.2 million in the third quarter, up from $14.2 million a year earlier.
The Omaha-based company said net income was $41.7 million, or $1.03 a share, up from $9.4 million, or 28 cents a share, a year earlier. Revenue rose 10 percent to $833.9 million.
Green Plains said it had record production of 246.9 million gallons of ethanol. Non-ethanol operating income from corn oil production, agribusiness and marketing and distribution was $22.2 million in the third quarter, up from $14.2 million a year earlier.“U.S. ethanol production margins continue to reflect strong demand, both domestically and globally,” Chief Executive Todd Becker said. “As a result of this environment, we are reaffirming our mid-year guidance of stronger earnings per share performance in the second half of 2014.”
Green Plains operates 12 ethanol plants in the United States. Shares of the company have risen about 70 percent so far in 2014.