Corn Oil Production Segment
Green Plains initiated corn oil production in the fourth quarter of 2010. By September 30, 2011, corn oil extraction technology was deployed at all nine of the Company's ethanol plants. During the third quarter of 2011, the Company produced 32.7 million pounds of corn oil generating operating income of $9.6 million.
SkunK
Thanks Slash for the heads up
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4 comments:
didnt they expect only 25 million pounds? so this better then we thought?
This is what they said last quarter!
Corn oil production made a significant contribution in our profitability generating $6.3 million of operating income and the sale of 21.5 million pounds of the product. Eight of our nine plants are in full production and the ninth plant will be producing corn oil by the end of the third quarter. We expect to be producing over 25 million pounds per quarter going forward with the additional plant and improved yield as we line out our equipment and debottleneck that process.
They "expected" 25 million pounds and got 32.7 million! Thats up 30%over expectations and up 52% over actual last quarter.
Out performanced. These are great numbers!!!!
Big Easy
GPRE gets it done. They are not looking for the cheapest way. They are not paying some dude $20/hour to skim the corn oil off a settling tank with a 2x4.
They are professionals and demand to work with professionals. That's why they went with GERS
They are looking to do it right! Too bad ICM cannot be like that. CHEAP is costing ICM every day!
It is paying off for GPRE big time.
Operating income is the difference between operating revenues and operating expenses. Therefore, the $9.6 million is after the 20% GERS royalty? If I am interpreting this correctly the GERS royalty should be 0.2 x $12 million or $2.4 million. Is this correct?
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