Green Plains first-quarter loss widens
Source: By Russell Hubbard, Omaha World-Herald staff writer • Posted: Wednesday, May 4, 2016
Green Plains Inc. has reported a wider first-quarter loss than a year ago, on lower margins from distilling corn into ethanol.
The Omaha-based company said the first-quarter loss was $24 million, or 63 cents a share, compared with a loss of $3.3 million, or 9 cents a share, a year earlier. Revenue rose 1.5 percent, to $749 million, the company said after the stock market closed Monday.
“The margin environment remained weak, providing little opportunity to generate a profit in the first quarter,” said Chief Executive Todd Becker.
Tuesday, shares of Green Plains fell nearly 7.7 percent to close at $16.87 on the Nasdaq market. The shares have fallen nearly 46 percent in the past year.