Green Plains (NASDAQ: GPRE) reported Q3 EPS of ($1.06), $0.04 better than the analyst estimate of ($1.10). Revenue for the quarter came in at $632.35 million versus the consensus estimate of $861.07 million.

• Net loss attributable to the company of $39.0 million, or $(1.06) per diluted share
• Adjusted EBITDA of $(13.4) million
• Cash, cash equivalents and restricted cash of $254.0 million
• As of Sept. 30, 2019, the Company is net debt zero excluding working capital financing and non-recourse partnership debt
• Repurchased approximately 1.7 million shares totaling $16.0 million
• Fourth quarter 2019 ethanol EBITDA margins have turned positive
• Green Plains Inc. Board of Directors approves an additional $100 million authorization to repurchase shares

“As expected, our third quarter results were attributable to a continued weak ethanol margin environment that began to show improvement in late September,” commented Todd Becker, president and chief executive officer. “Based on the current environment, we have seen ethanol margins turn positive for our platform, which should result in a positive outlook for cash flow from operations for the fourth quarter. While margins remain volatile, we have seen some industry rationalization taking place and our balance sheet strength and strategic initiatives have put us in a very good position to take advantage of the recent expansion in ethanol margins.”

“During the quarter we made significant strides both strategically and operationally. We were successful in selling a 50% share of our cattle feeding business to a group of strategic investors enabling us to take the business off balance sheet and provide investors better clarity of our financial strength,” said Becker. “More importantly, our operating expense per gallon continues to decline as we move into the expanded construction phase of our project 24 and operate at higher utilization rates. Finally, consistent with our previous messaging, we supported our share value by investing in substantial open market share repurchases during the third quarter and the beginning of the fourth quarter totaling approximately $21.8 million for 2.2 million shares.”

For earnings history and earnings-related data on Green Plains (GPRE) click here.