Omaha-based ethanol producer Green Plains Renewable Energy reported a drop in net income over the final quarter of 2011 and for the year overall, despite revenue growth over both time periods.
The company reported that its net income for the fourth quarter was $14.3 million, or 36 cents per diluted share, down from $16.4 million, or 44 cents per diluted share, during the same period in 2010. Revenue for the quarter was up by nearly 22 percent to $922.8 million, compared to $757 million last year.
For the year, net income was $38.4 million, or $1.01 per diluted share, down from $48 million, or $1.51 per diluted share a year ago. Revenue was up to $3.6 billion from $2.1 billion.
Green Plains is the country's fourth-largest ethanol producer, operating nine plants in five states with an annual production capacity of 740 million gallons. It also does business with grain producers, produces corn oil and is a partner in a Shenandoah, Iowa, operation that grows algae for biodiesel and other uses.
Last year, the company's ethanol production was up by almost 33 percent from 2010, to 722 million gallons.
In a conference call with investors, President and CEO Todd Becker said he's pleased the company has marked 11 consecutive quarters of profitability and will continue to focus on "profitable growth" in 2012.
He noted that the industry has faced challenges — specifically mentioning the expiration at the end of 2011 of the tax credit for blended ethanol and gasoline — but he said ethanol remains a strong industry, with growing demand in and out of the U.S.
"The long-term fundamentals for ethanol are very solid," Becker said.
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402-444-1543, erin.golden@owh.com
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