GPRE - Green Plains Inc. (GPRE) Q1 2024 Earnings Call Transcript
2024-05-03 15:51:08 ET
Green Plains Inc. (GPRE)
Q1 2024 Earnings Call Transcript
May 03, 2024, 09:00 AM ET
Company Participants
Phil Boggs - EVP of IR
Todd Becker - President and CEO
Jim Stark - CFO
Devin Mogler - SVP, Corporate & IR
Conference Call Participants
Adam Samuelson - Goldman Sachs
Kristen Owen - Oppenheimer
Craig Irwin - ROTH MKM
Andrew Strelzik - BMO Capital Markets
Manav Gupta - UBS
Steve Byrne - Bank of America
Presentation
Operator
Good morning and welcome to Green Plains Incorporated First Quarter 2024 Earnings Conference Call. Following the company's prepared remarks, instructions will be provided for Q&A. At this time, all participants are in a listen-only mode and I will now turn the call over to your host, Phil Boggs, Executive Vice President of Investor Relations. Mr. Boggs, please go ahead.
Phil Boggs
Thank you and good morning, everyone. Welcome to the Green Plains, Inc. first quarter 2024 earnings call. Participants on today's call are Todd Becker, President and Chief Executive Officer; Jim Stark, Chief Financial Officer, and several other members of Green Plains senior leadership team.
There is a slide presentation available and you can find it on the Investor page under the Events and Presentations link on our website. During this call, we will be making forward-looking statements which are predictions, projections, or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's press release, in the comments made during this conference call, and the Risk Factors section of our Form 10-K, Form 10-Q, and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.
Now I'd like to turn the call over to Todd Becker.
Todd Becker
Thanks, Phil. Good morning, everyone, and thanks for joining our call today. We were not alone in managing through a challenging market during the first quarter driven by industry oversupply from elevated production during a mild winter leading to an increased stocks position, combined with weaker vegetable oil markets and compressed protein markets as well, leading to a weak first quarter and negative EBITDA of $21.5 million, although an improvement from last year of about 22%. The typical first quarter doldrums hit the industry as well as a quick deep freeze that had an outsized impact on some of our plants....
Green Plains Inc. (GPRE) Q1 2024 Earnings Call Transcript