Green Plains Inc. reported third‑quarter 2025 results that turned the company’s earnings positive, with net income attributable to the company of $11.9 million, or $0.17 per diluted share. Revenue fell to $508.5 million, a 22.8 % decline from $658.7 million in the same period last year, while adjusted EBITDA slipped to $52.6 million from $53.3 million year‑over‑year.
The earnings beat was largely driven by one‑time items: $26.5 million in 45Z production tax credits and a $36.0 million gain on the sale of the Tennessee ethanol plant. These non‑operational gains offset a $2.7 million restructuring charge and a $72.2 million loss reported in Q2 2025, allowing the company to post a positive EPS of $0.17 versus the consensus estimate of –$0.07 to –$0.03.
Revenue missed consensus estimates of roughly $582 million, a shortfall of about $73 million. The decline was caused by lower ethanol volumes sold and reduced average selling prices, compounded by the termination of a third‑party marketing agreement that had previously helped lift sales. Compared with Q2 2025 revenue of $552.8 million, the quarter’s $508.5 million represents a sequential drop of 7.9 % and highlights ongoing top‑line pressure.
Operating margin contracted slightly, with adjusted EBITDA falling 1.3 % year‑over‑year. The company maintained a 101 % utilization rate across its nine active plants and completed the startup of three Nebraska carbon‑capture facilities, signaling progress in its decarbonization strategy. The margin compression reflects pricing pressure in the core ethanol business, while the high utilization rate demonstrates efficient capacity use.
The balance sheet improved as the proceeds from the Tennessee plant sale were used to retire $130.7 million of junior mezzanine debt. Corporate liquidity stands at $136.7 million, with $211.6 million in cash and cash equivalents and $325.0 million available under its revolving credit facility, bringing total debt down to $353.4 million. The debt reduction enhances financial flexibility and supports future investment in carbon‑capture projects.
Management emphasized continued cost reduction, expansion of carbon‑capture operations, and monetization of 45Z credits as key drivers of future profitability. Investors reacted positively, with the stock gaining roughly 9.8 % in pre‑market trading, reflecting confidence in the earnings beat and the strategic moves to strengthen the balance sheet and pursue regulatory incentives.
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