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- \nNet income of $9.9 million, or $0.42 per common unit<\/p>\n<\/li>\n
- \nAdjusted EBITDA of $12.5 million and distributable cash flow of $10.8 million<\/p>\n<\/li>\n
- \nQuarterly cash distribution of $0.455 per unit<\/p>\n<\/li>\n
- \nDistribution coverage ratio of 1.00x; LTM distribution coverage ratio of 1.02x.<\/p>\n<\/li>\n
- \nLeverage ratio, net of cash; 0.79x Adjusted EBITDA<\/p>\n<\/li>\n<\/ul>\n
OMAHA, Neb.–(BUSINESS WIRE<\/a>)–
\nGreen Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the first quarter of 2023. Net income attributable to the partnership was $9.9 million, or $0.42 per common unit, for the first quarter of 2023, compared with net income of $10.4 million, or $0.44 per common unit, for the same period in 2022.<\/p>\n\nThe partnership also reported adjusted EBITDA of $12.5 million and distributable cash flow of $10.8 million for the first quarter of 2023, compared with adjusted EBITDA of $12.6 million and distributable cash flow of $11.2 million for the same period in 2022. Distribution coverage was 1.00x for the three months ended March 31, 2023.<\/p>\n
\n\u201cConsistent cash flow driven by reliable operations allowed the partnership to maintain its cash distribution to unitholders,\u201d said Todd Becker, President and Chief Executive Officer. \u201cWe believe strong utilization rates from our parent, coupled with our continued low leverage, positions the partnership to deliver dependable financial results.\u201d<\/p>\n
First Quarter Highlights and Recent Developments<\/b><\/p>\n
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- \nOn April 20, 2023, the board of directors of the partnership\u2019s general partner declared a quarterly cash distribution of $0.455 per unit, or approximately $10.8 million, for the first quarter of 2023. The distribution is payable on May 12, 2023, to unitholders of record at the close of business on May 5, 2023.<\/p>\n<\/li>\n<\/ul>\n
Results of Operations<\/b><\/p>\n
\nConsolidated revenues for the three months ended March 31, 2023 increased by $1.7 million compared with the same period for 2022 primarily due to an increase in transportation service fees charged as a result of upgrading our leased railcar fleet to comply with government regulations and higher railcar volumetric capacity. Operations and maintenance expenses increased by $1.7 million for the three months ended March 31, 2023, compared with the same period for 2022, primarily due $1.5 million in higher railcar lease expense as a result of upgrading our leased railcar fleet.<\/p>\n
\nDuring the first quarter of 2023, Green Plains Inc.\u2019s average production utilization rate was approximately 87.5% of capacity. Ethanol throughput was 208.1 million gallons, which was below the contracted minimum volume commitment. As a result, the Partnership charged Green Plains Trade $0.5 million related to the minimum volume commitment deficiency for the quarter, resulting in a credit to be applied against excess volumes in future periods. Prior year credits of $1.1 million expired unused, leaving a cumulative balance of minimum volume deficiency credits available to Green Plains Trade as of March 31, 2023 of $0.5 million. If these credits are unused by Green Plains Trade, they will expire on March 31, 2024. These credits have been recognized in revenue by the partnership, and as such, future volumes throughput by Green Plains Trade in excess of the quarterly minimum volume commitment, up to the amount of these credits, will not be recognized in revenue in future periods prior to expiration.<\/p>\n
- \nOn April 20, 2023, the board of directors of the partnership\u2019s general partner declared a quarterly cash distribution of $0.455 per unit, or approximately $10.8 million, for the first quarter of 2023. The distribution is payable on May 12, 2023, to unitholders of record at the close of business on May 5, 2023.<\/p>\n<\/li>\n<\/ul>\n
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