World News: 12:31 GMT Monday 11th February 2019. [Green Plains Partners LP via Globe Newswire via SPi World News]
OMAHA, Neb., Feb. 11, 2019 (GLOBE NEWSWIRE) -- Green Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the fourth quarter of 2018. Net income was $14.1 million, or $0.51 per common unit, for the fourth quarter of 2018 compared with $16.3 million, or $0.50 per common unit, for the same period in 2017. The partnership reported adjusted EBITDA of $15.2 million and distributable cash flow of $13.1 million for the fourth quarter of 2018, compared with adjusted EBITDA of $19.0 million and distributable cash flow of $17.6 million for the same period in 2017. Distribution coverage was 1.16x for the three months ended December 31, 2018.
“We are fully committed to Green Plains Partners and its business model, which remains a value-added segment and a driver of growth. Our primary focus is to provide terminal and logistics services to our customers, while seeking accretive growth opportunities that diversify our revenue through acquisitions and expansion of our product offerings,” said Todd Becker, president and chief executive officer of Green Plains Partners. “While the current ethanol environment may negatively impact put-through volumes at some of our storage locations, we remain focused on maintaining distributable cash flow per unit.”
Operations and maintenance expenses decreased $1.1 million for the three months ended December 31, 2018 compared with the same period for 2017, primarily due to a decrease in railcar lease expense.
General and administrative expenses increased $0.6 million for the three months ended December 31, 2018 compared with the same period for 2017, due to transaction costs incurred as part of the Valero transaction.
During the fourth quarter of 2018, Green Plains Inc.’s average utilization rate was approximately 62.5% of capacity, resulting in ethanol production of 205.1 million gallons, which was below the contracted minimum volume commitment. As a result, the partnership charged Green Plains Trade a deficiency payment of $3.0 million related to the minimum volume commitment during the fourth quarter of 2018. Total throughput for the fourth quarter of 2018 was 208.0 million gallons, which included an incremental 2.5 million gallons related to transload volumes.
Globe Newswire: 12:31 GMT Monday 11th February 2019
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