Shares of ethanol fuel producer Green Plains Inc. (GPRE) are rising more than 7% Wednesday morning after reporting improved revenue in the fourth quarter.
Revenue for the quarter were $914 million, up from $802.3 million in the same period in the prior year.
The company, however, reported a loss of $38.6 million, or $0.66 per share for the fourth quarter, wider than $9.6 million, or $0.18 per share loss, for the same period a year ago.
Looking forward, the company’s President and Chief Executive Officer Todd Becker said, “The milestones achieved during 2022 leave us in firm position to continue executing on our vision to maximize value by expanding production of our protein ingredients and renewable corn oil, capturing the biogenic carbon dioxide, and converting a portion of starch into dextrose. All of these initiatives are on track and our confidence that we will achieve our 2024 and beyond transformation financial guidance outlined at the beginning of this journey continues to grow.”
GPRE is at $36.41 currently. It has traded in the range of $26.09-$41.25 in the last 1 year.
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