Green Plains Renewable Energy hits $426.5m for Q1

29 Apr 2010

NTR’s bio-ethanol business, Green Plains Renewable Energy, reports Q1 revenues of $426.5m, compared with $221.1m for Q1 2009.

Green Plains Renewable Energy, NTR’s renewable energy business and North America’s fourth-largest ethanol producer, has announced its financial results for the first quarter of 2010.

Financial results for Green Plains

·     Net income attributable to Green Plains was $15.6m, or $0.58 per diluted share, compared to a net loss of $9.3m, or $(0.38) per share, for the same period of 2009.

·     Revenues were $426.5m for the first quarter of 2010, compared to revenues of $221.1m for the same period in 2009.

Green Plains has six US ethanol plants, in Indiana, Iowa, Nebraska and Tennessee, with annual expected operating capacity totalling circa 480 million gallons.

The company also markets and distributes ethanol for four third-party ethanol producers. In addition, Green Plains owns 51pc of Blendstar, LLC, a biofuel terminal operator, while it also operates grain-storage facilities and complementary agronomy and petroleum businesses in northern Iowa and southern Minnesota.

The future of bio-ethanol production

Commenting on Green Plains’ financial results, its president and CEO, Todd Becker, said: “We produced 124.3 million gallons of ethanol, which is above our expected operating capacity, as a result of our continuous improvement process to increase ethanol production.

“We also expect passage of the proposed E15 waiver would have a positive impact on demand for the rest of the year,” added Becker. 

What Green Plains has been doing so far in 2010

·     In March, Green Plains completed the sale of 6,325,000 shares priced at $13.50 with net proceeds of $79.8m after discounts and offering expenses. Green Plains intends to use the proceeds for corporate purposes and to acquire or invest in additional facilities, assets or technologies consistent with its growth strategy.

·     In April, Green Plains completed the acquisitions of five grain elevators in western Tennessee, with federally licensed grain storage capacity of 11.7 million bushels, increasing existing storage capacity of the agribusiness segment by 63pc to 30.3 million bushels.

“We continue to look for opportunities to grow our business in 2010,” Becker added.

“We are seeking further opportunities to add to our ethanol production segment and our agribusiness operations.”

By Carmel Doyle

Photo: View of NTR’s Green Plains Renewable Energy bio-ethanol plant, in Omaha, Nebraska

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Carmel Doyle was a long-time reporter with Silicon Republic