US ethanol producer Green Plains Inc (NASDAQ:GPRE) this week reported higher earnings and revenues for the third quarter of 2016 compared with the year-ago period and said it expected a stronger fourth quarter.
Net profit attributable to the company increased to USD 7.9 million (EUR 7.2m) from USD 6.2 million, with earnings per diluted share growing to USD 0.20 from USD 0.16. Revenues expanded to USD 841.9 million from USD 742.8 million.
"We experienced a stable ethanol margin environment in the third quarter as we continued to see strong ethanol demand worldwide driven by increasing consumption of gasoline and broader appetites for an efficient source of octane," said president and chief executive Todd Becker. He added the company expects to immediately benefit from recent acquisitions.
Over the past year Green Plains has increased its ethanol production capacity organically and through acquisitions by almost 50% to around 1.5 billion gallons (5.7 billion litres) per year and also acquired Fleischmann's Vinegar Company.
Becker also said that the USD 42 million of segment operating income generated in the third quarter is the company's best performance since the end of 2014.
Green Plains reports improved Q3 results, sees stronger Q4