Green Plains Inc. announced net income attributable to the company of $48.2 million, or $0.69 per diluted share, for the third quarter of 2024. This represents a substantial increase compared to net income of $22.3 million, or $0.35 per diluted share, reported for the same period in 2023. EBITDA also saw a significant rise, reaching $83.3 million for Q3 2024, up from $52.0 million in the prior year.
Despite a decrease in revenues to $658.7 million from $892.8 million year-over-year, the company achieved a platform utilization rate of 97% and produced record levels of Ultra-High Protein and renewable corn oil. The consolidated ethanol crush margin improved to $58.3 million for the quarter, compared to $52.9 million in Q3 2023, reflecting improved operational efficiency.
Strategically, the 'Advantage Nebraska' carbon capture initiative remains on track for second half of 2025 operation, with compression facility construction expected to commence in the coming weeks following Class VI well approval in Wyoming. The world's first commercial-scale Clean Sugar Technology (CST) facility in Shenandoah is operational, producing dextrose and glucose syrups with up to a 40% lower carbon intensity, with samples now going to customers for evaluation. The sale of the Birmingham Unit Train Terminal was completed, allowing the company to pay off higher-priced debt.
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