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48f5ea93d0c4e907170a7e09e79163cad3b619ea0b68a71c9ad9ab376aaa48cd

Green Plains Inc.’s Q1 2024 revenues were significantly lower, declining approximately **28.3%** from **$832,949 thousand** in Q1 2023 to **$597,214 thousand** in Q1 2024. This decrease was primarily due to **lower weighted average selling prices** for ethanol, distillers grains, and renewable corn oil, with revenue reductions of **$156.1 million**, **$32.0 million**, and **$9.3 million**, respectively.  **[0001309402-24-000092_gpre-20240331.htm:44]**  Although ethanol volumes sold increased slightly (adding **$2.5 million** in revenue), decreases in other product volumes, along with only partial revenue support from hedging activities (**$4.8 million**), contributed to the decline.  **[0001309402-24-000092_gpre-20240331.htm:44]**  Additionally, both the ethanol production segment (**$192.1 million** decrease) and the agribusiness and energy services segment (**$43.4 million** decrease) experienced significant revenue declines. An oversupplied ethanol market during a mild winter led to stock builds and lower realized prices, further exacerbating the revenue drop.  **[0001309402-24-000089_gpreq12024earningsrelease.htm:1]** **[GPRE_3382642_3]** 

Why were Revenues significantly lower in Q1 2024?

In Q3 2024, the sharp increase in operating income was primarily driven by several factors. **Improved consolidated crush margins** played a significant role, increasing from **$52.9 million** to **$58.3 million**. Additionally, a notable **$30.7 million gain** from the sale of the Birmingham unit train terminal significantly boosted operating income. **Lower SG&A expenses** by **$8.6 million** further contributed to the improvement, along with better plant utilization and overall cost management, which helped offset the effects of a decrease in total revenues.  **[0001309402-24-000124_gpre-q32024earningsrelease.htm:1]** **[GPRE_3405419_3]** **[GPRE_3405419_1]** 

What drove the sharp increase in Operating Income in Q3 2024?

The strong Q3 2024 Net Income performance was driven by a combination of **asset sale gains**, **improved production margins**, and **cost reductions**. Specifically, the company realized a notable **gain of $30.7 million** from the sale of its Birmingham unit train terminal, which had a substantial positive impact on its net income.  **[0001309402-24-000124_gpre-q32024earningsrelease.htm:1]** **[GPRE_3405419_3]** **[0001309402-24-000129_gpre-20240930.htm:52]**  Additionally, higher margins in the ethanol production segment further enhanced profitability, while reduced input costs—including lower weighted average corn prices and reduced natural gas expenses—helped lower overall costs and bolster net income.  **[0001309402-24-000129_gpre-20240930.htm:53]** 

What factors contributed to the strong Net Income performance in Q3 2024?

The **EPS nearly doubled** in Q3 2024 primarily due to a significant improvement in **net income** driven by enhanced operational performance. The company increased its net income from **$22.3 million** in Q3 2023 to **$48.2 million** in Q3 2024, benefited further by a **$30.7 million gain** from the sale of the Birmingham unit train terminal. In addition, **improved margins**—including higher consolidated crush margins—and **lower SG&A costs** by **$8.6 million** further boosted profitability, outweighing the dilution effects from convertible notes and stock-based compensation awards.  **[0001309402-24-000124_gpre-q32024earningsrelease.htm:1]** **[GPRE_3405419_3]** **[0001309402-24-000129_gpre-20240930.htm:32]** 

Why did EPS nearly double in Q3 2024?

8e6a3f4220a08a9f0dfea4903a66af7afa4184369aed46ac1764565eab499e3b

The **lower cash and cash equivalents** in **Q2 2024** are a result of significant cash outflows across multiple areas. Specifically, the company experienced **net cash used in operating activities of $65.7 million**, **net cash used in investing activities of $55.5 million**, and **net cash used in financing activities of $32.4 million**, which collectively reduced its cash position from **$349,574 thousand at the end of December 2023** to **$195,554 thousand by the end of Q2 2024**.  **[0001309402-24-000114_gpre-20240630.htm:52]** **[0001309402-24-000114_gpre-20240630.htm:3]** 

Why is Cash and cash equivalents so low in Q2 2024?

The decline in **Total assets** in Q1 2024 was primarily driven by a **reduction in cash and cash equivalents**, a **decrease in inventories**, and a **reduction in derivative financial instruments**. Specifically, cash and cash equivalents fell from **$349,574 thousand** to **$237,302 thousand**, inventories decreased from **$215,810 thousand** to **$191,149 thousand**, and derivative financial instruments dropped from **$19,772 thousand** to **$7,893 thousand**. These changes were the main contributors to the overall decline, reflecting the impact of cash used for acquisitions, capital investments, operating losses, lower commodity prices, and hedging adjustments.  **[0001309402-24-000092_gpre-20240331.htm:3]** **[0001309402-24-000092_gpre-20240331.htm:45]** **[0001309402-24-000092_gpre-20240331.htm:12]** **[0001309402-24-000092_gpre-20240331.htm:16]** 

What drove the decline in Total assets in Q1 2024?

During Q3 2024, **Green Plains Inc.** significantly reduced its long-term debt by **retiring high-priced debt using the proceeds from the sale of the Birmingham unit train terminal** and by **incurring loan fees along with debt amortization**. These actions were part of the company’s strategic focus on reducing leverage and improving its financial structure.  **[GPRE_3405419_3]** **[GPRE_3405419_2]** **[GPRE_3405419_5]** 

Why did Long-term debt drop significantly in Q3 2024?

The sharp decline in **Accounts receivable, net** during Q3 2024 was due to a combination of factors. First, **lower revenues** played a significant role, as revenues dropped from **$892.8 million** in Q3 2023 to **$658.7 million** in Q3 2024, largely driven by decreased prices for ethanol, dry distillers grains, and renewable corn oil. In addition, the company experienced **improved cash collections** that reduced outstanding receivables, and there was an impact from **lower commodity input costs** affecting the pricing and timing of receivables.  **[0001309402-24-000124_gpre-q32024earningsrelease.htm:10]** **[0001309402-24-000124_gpre-q32024earningsrelease.htm:1]** **[GPRE_3405419_3]** 

Why did Accounts receivable, net fall so sharply in Q3 2024?

7f91966b0da4d3a1e2c1af3fb8ecde6a438e5f340e9d495a4183b0beaf96d909

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f07facd1f29047a42f6283a6d5692b1a4179f8a6294ad69195adb3d5766d7b8f

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Green Plains (GPRE)

Financials