GPRE - Green Plains Inc. (GPRE) Q4 2023 Earnings Call Transcript

2024-02-07 12:33:03 ET

Green Plains Inc. (GPRE)

Q4 2023 Earnings Conference Call

February 07, 2024, 09:00 AM ET

Company Participants

Phil Boggs - Executive Vice President-Investor Relations

Todd Becker - President and Chief Executive Officer

Jim Stark - Chief Financial Officer

Devin Mogler - Senior Vice President-Government Relations, Sustainability & Communications

Conference Call Participants

Kristen Owen - Oppenheimer

Jordan Levy - Truist Securities

Adam Samuelson - Goldman Sachs

Eric Stine - Craig-Hallum

Ben Bienvenu - Stephens

Salvator Tiano - Bank of America

Craig Irwin - ROTH MKM

Presentation

Operator

Good morning and welcome to the Green Plains Inc. Fourth Quarter and Full Year 2023 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.

I will now turn the call over to your host, Phil Boggs, Executive Vice President, Investor Relations. Mr. Boggs, please go ahead.

Phil Boggs

Thank you, and good morning, everyone. Welcome to Green Plains Inc. fourth quarter and full year 2023 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 and the comments made during this conference call and in 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, and good morning, everyone, and thanks for joining our call today. We reported a solid quarter this morning with $44.7 million in EBITDA and a plant utilization rate of 95%. In addition, this was our highest quarter yet of Ultra-High Protein production, along with our highest ever corn oil yields, but we still have further to go and more to unlock.

Our team continues to execute on maximizing the opportunity across our entire platform, and we believe there is additional upside on our portfolio of assets that we aim to achieve as we move through 2024. This quarter and the start of 2024 had many events that has led us to this point, where our structure has been simplified and we are ready to bear the fruits of our labor on the path we laid out a few years ago and feel highly confident in our ability to achieve our goals....

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