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Green Plains Inc. (GPRE-0.73%) has filed its annual report filing for the fiscal year ended December 31, 2024.
The company operates in two segments: ethanol production and agribusiness and energy services. The ethanol production segment includes the production, storage, and transportation of ethanol, distillers grains, Ultra-High Protein, and renewable corn oil. The agribusiness and energy services segment involves grain handling, storage, commodity marketing, and merchant trading.
For the year ended December 31, 2024, Green Plains reported revenues of $2.46 billion, a decrease from $3.30 billion in 2023. The decrease in revenues was primarily due to lower weighted average selling prices for ethanol, distillers grains, and renewable corn oil.
The company reported a net loss of $81.2 million for 2024, compared to a net loss of $76.3 million in 2023. The increase in net loss was mainly due to decreased margins in the ethanol production segment.
Green Plains completed the merger with Green Plains Partners, acquiring all publicly held common units not already owned by the company. This resulted in the issuance of approximately 4.7 million shares of common stock and a cash consideration of $29.2 million.
The company also completed the sale of its terminal in Birmingham, Alabama, for $47.5 million, recording a pretax gain of $30.7 million. The proceeds were used to repay debt.
Green Plains continues to focus on its transformation strategy, which includes the production of Ultra-High Protein and the deployment of clean sugar technology. The company is also involved in carbon capture and sequestration projects to reduce greenhouse gas emissions.
The company maintained an average utilization rate of approximately 94% of capacity during 2024, compared to 89% in 2023. Capital expenditures for 2024 were $95.1 million, primarily for the clean sugar expansion project and other capital projects.
Green Plains' principal sources of liquidity include cash generated from operating activities and bank credit facilities. As of December 31, 2024, the company had $173.0 million in cash and cash equivalents and $36.4 million in restricted cash.
The company was in compliance with its debt covenants as of December 31, 2024, and believes it has sufficient working capital for its existing operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Green Plains Inc. annual 10-K report dated February 7, 2025. To report an error, please email earnings@qz.com.