Green Plains Reports Fourth Quarter and Full Year 2023 Financial Outcomes
Green Plains Inc. (NASDAQ:GPRE) recently disclosed its financial achievements for both the fourth quarter and the entirety of 2023. Highlights from the fourth quarter include a net income to Green Plains of $7.2 million, translating to $0.12 per diluted share, alongside an EBITDA of $44.7 million. The platform utilization rate reached a commendable 95%.
In strategic developments, Green Plains welcomed the acquisition of Green Plains Partners LP. This move is expected to enhance operational efficiency and boost cash flows. The Board is actively undertaking a strategic review to pinpoint opportunities for value enhancement. On the product front, negotiations for the sale of 60% protein are in progress for the years 2024 and 2025, targeting applications in global aquaculture and pet food markets. Additionally, a record renewable corn oil yield sets the stage for further success in 2024.
The first commercial deployment of the Clean Sugar Technology™ at Green Plains Shenandoah is set to start commissioning in the first quarter of 2024. Moreover, ongoing negotiations promise the completion of multi-year agreements for dextrose corn syrups within the same timeframe. Decarbonization efforts are expanding, with three Nebraska facilities gearing up for carbon capture and sequestration (CCS) by 2025 and four sites in Iowa and Minnesota set for 2026.
Green Plains ended the year strong, boasting a cash and equivalents balance of $378.8 million, supplemented by a $251.0 million available credit facility, positioning the company for sustained financial health.
An upcoming conference call on February 7, 2024, invites stakeholders to delve further into these financial results and strategic insights. With a foundation laid on innovation and sustainable practices, Green Plains Inc. looks forward to a future of continued growth and value creation.
