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- \nNet income of $9.3 million, or $0.39 per common unit<\/p>\n<\/li>\n
- \nAdjusted EBITDA of $12.7 million and distributable cash flow of $10.7 million<\/p>\n<\/li>\n
- \nQuarterly cash distribution of $0.455 per unit<\/p>\n<\/li>\n
- \nDistribution coverage ratio of 0.99x; LTM distribution coverage ratio of 1.01x<\/p>\n<\/li>\n
- \nLeverage ratio, net of cash; 0.82x 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 second quarter of 2023. Net income attributable to the partnership was $9.3 million, or $0.39 per common unit, for the second quarter of 2023, compared with net income of $10.5 million, or $0.44 per common unit, for the same period in 2022.<\/p>\n\nThe partnership also reported adjusted EBITDA of $12.7 million and distributable cash flow of $10.7 million for the second quarter of 2023, compared with adjusted EBITDA of $12.9 million and distributable cash flow of $11.3 million for the same period in 2022. Distribution coverage was 0.99x for the three months ended June 30, 2023.<\/p>\n
Second Quarter Highlights and Recent Developments<\/b><\/p>\n
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- \nOn July 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 second quarter of 2023. The distribution is payable on August 11, 2023, to unitholders of record at the close of business on August 4, 2023.<\/p>\n<\/li>\n<\/ul>\n
Results of Operations<\/b><\/p>\n
\nConsolidated revenues for the three months ended June 30, 2023 increased by $0.9 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 $0.9 million for the three months ended June 30, 2023, compared with the same period for 2022, primarily due to higher railcar lease expense as a result of upgrading our leased railcar fleet. General and administrative expenses increased $0.7 million for the three months ended June 30, 2023 compared with the same period for 2022 primarily due to transaction costs related to the proposal from our parent to acquire all outstanding units of the partnership.<\/p>\n
\nDuring the second quarter of 2023, Green Plains Inc.\u2019s average production utilization rate was approximately 81.5% of capacity. Ethanol throughput was 196.1 million gallons, which was below the contracted minimum volume commitment. As a result, the Partnership charged Green Plains Trade $1.2 million related to the minimum volume commitment deficiency for the quarter, resulting in a credit to be applied against excess volumes in future periods. The cumulative balance of minimum volume deficiency credits available to Green Plains Trade as of June 30, 2023 was $1.7 million. If these credits are unused by Green Plains Trade, $0.5 million will expire on March 31, 2024 and $1.2 million will expire on June 30, 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.<\/p>\n
\n\u00a0<\/p>\n
- \nOn July 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 second quarter of 2023. The distribution is payable on August 11, 2023, to unitholders of record at the close of business on August 4, 2023.<\/p>\n<\/li>\n<\/ul>\n
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