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Green Plains Partners Reports Third Quarter 2016 Financial Results

  • Net income of $14.2 million, or $0.44 per common unit
  • Quarterly cash distribution increased 1.0 cent to $0.42 per unit
  • Adjusted EBITDA of $16.8 million and distributable cash flow of $16.2 million, distribution coverage ratio of 1.19x

OMAHA, Neb., Oct. 31, 2016 (GLOBE NEWSWIRE) -- Green Plains Partners LP (GPP) today announced financial and operating results for the third quarter of 2016. Third quarter 2016 net income was $14.2 million, or $0.44 per common unit. The partnership reported adjusted EBITDA of $16.8 million and distributable cash flow of $16.2 million, indicating a 1.19x coverage ratio of the third quarter distribution.

“We set another record for our throughput volumes this quarter mainly due to higher utilization rates of Green Plains’ ethanol production facilities,” said Todd Becker, president and chief executive officer of Green Plains Partners. “With a full quarter of operations, the newly acquired storage and distribution assets will further increase throughput volumes and cash flow in the fourth quarter. Since we completed our IPO sixteen months ago, production capacity associated with our storage facilities has increased nearly 50 percent and is now approaching 1.5 billion gallons per year. We are on track and well-positioned with our strong balance sheet to meet our growth and distribution objectives, which resulted in our fourth consecutive quarter of distribution increases.”

Third Quarter Highlights

  • On Sept. 23, 2016, Green Plains Partners acquired ethanol storage assets located in Madison, Ill., Mount Vernon, Ind. and York, Neb. for $90 million, which occurred concurrently with the acquisition of three ethanol plants by Green Plains Inc., from subsidiaries of Abengoa BioEnergy. The partnership used its amended revolving credit facility to fund the purchase. The storage and throughput agreement between the partnership and Green Plains Trade was amended to increase the minimum volume commitment to 296.6 million gallons per quarter.

  • On Oct. 20, 2016, the board of directors of the partnership’s general partner declared a quarterly cash distribution of $0.42 per...