Green Plains Renewable Energy Inc. said Tuesday it had a third-quarter profit on sharply lower costs.
The Omaha-based company, the fourth-largest ethanol producer in the country, said net income was $9.4 million, or 28 cents a share, compared with a loss of $1 million, or 3 cents a share, a year earlier. Revenue fell 20 percent to $758 million.
Green Plains' ethanol production segment had operating income of $17.8 million, up from a loss of $7.5 million a year earlier. The average cost per bushel of grain the company bought to make ethanol fell 18 percent during the quarter, the company said.
“We believe ethanol industry fundamentals are as positive as we have seen in recent history,” Chief Executive Todd Becker said. “During the third quarter, our team effectively managed through significant price volatility at the end of the crop year. With the recovery in U.S corn production, ethanol is well-positioned competitively, resulting in strong demand for our production in U.S. and global markets.”