Green Plains Partners LP (GPP) has reported 38.67 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $16.44 million in the quarter, compared with $11.86 million for the same period last year.
Revenue during the quarter grew 24.68 percent to $28.28 million from $22.69 million in the previous year period. Total expenses were 37.80 percent of quarterly revenues, down from 47.20 percent for the same period last year. This has led to an improvement of 940 basis points in operating margin to 62.20 percent.
Operating income for the quarter was $17.59 million, compared with $11.98 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $18.96 million compared with $14.02 million in the prior year period. At the same time, adjusted EBITDA margin improved 523 basis points in the quarter to 67.05 percent from 61.82 percent in the last year period.
"The partnership delivered its first full calendar year of solid growth due in part to the strategic acquisitions and expansion of production capacity by Green Plains Inc.," said Todd Becker, president and chief executive officer of Green Plains Partners. "The resulting drop-down acquisitions increased the partnership’s throughput volumes and cash flow, enabling us to raise our cash distributions while maintaining a strong coverage ratio and balance sheet.
Operating cash flow improves significantlyGreen Plains has generated cash of $62.20 million from operating activities during the year, up 295.32 percent or $46.46 million, when compared with the last year. The company has spent $152.85 million cash to meet investing activities during the year as against cash outgo of $1.48 million in the last year.
Cash flow from financing activities was $74.89 million for the year as against cash outgo of $3.58 million in the last year period.
Cash and cash equivalents stood at $0.62 million as on Dec. 31, 2016, down 96.20 percent or $15.76 million from $16.38 million on Dec. 31, 2015.
Debt increases substantially
Green Plains has witnessed an increase in total debt over the last one year. It stood at $136.93 million as on Dec. 31, 2016, up 1,637.87 percent or $129.05 million from $7.88 million on Dec. 31, 2015. Green Plains has witnessed an increase in long-term debt over the last one year. It stood at $136.93 million as on Dec. 31, 2016, up 1,637.87 percent or $129.05 million from $7.88 million on Dec. 31, 2015. Interest coverage ratio deteriorated to 14.07 for the quarter from 77.78 for the same period last year.
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