Q2 2024 Green Plains Inc Earnings Call Transcript
Key Points
- Margins began to turn higher later in the second quarter, driven by favorable fundamentals and low US ethanol prices.
- Potentially record exports for 2024, with strong demand for low-carbon fuels from countries like Canada.
- Positive second quarter EBITDA significantly higher than last year's second quarter and the prior quarter.
- Renewable corn oil yields reached a quarterly platform record at 1.02 pounds per bushel.
- Strong outlook for the balance of the year with favorable corn crop conditions and anticipated high run rates.
- Consolidated revenues for the second quarter were $618.8 million, approximately 20% lower than the same period a year ago.
- Operating costs on a per gallon basis were somewhat elevated due to six scheduled maintenance turnarounds.
- Net loss attributable to Green Plains Inc (GPRE) was $24.35 million or $0.38 per diluted share.
- Challenges in commissioning the clean sugar project in Shenandoah due to construction and equipment issues.
- Interest expense was $7.5 million for the quarter, although this was $2.2 million favorable to the prior year second quarter.
Good morning, and welcome to the Green Plains, Inc. second quarter 2024 earnings conference call. Following the company's prepared remarks, instructions will be provided for Q&A. (Operator Instructions) I will now turn the call over to your host, Phil Boggs, Executive Vice President, Investor Relations and Finance. Mr. Boggs, please go ahead.
Thank you and good morning, everyone. Welcome to Green Plains Inc second quarter 2024 earnings call. Participants on today's call are Todd Becker, President and Chief Executive Officer; Jim Stark, Chief Financial Officer and several other members of Green Plains senior leadership team.
There is a slide presentation available and you can find it on the investor page under the Events and Presentations link on our website.
During this call, we will be making forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations and
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