GPRE - Why Green Plains Stock Jumped 13% on Wednesday
2024-02-07 17:36:53 ET
Shares of biorefining company Green Plains (NASDAQ: GPRE) jumped as much as 26.1% in trading on Wednesday after the company reported fourth-quarter 2023 financial results. Shares closed the day up 13%.
Management said revenue fell from $914 million a year ago to $712.4 million as ethanol sold fell from 225.2 million gallons to 215.7 million gallons in the quarter. But revenue was much higher-margin than a year ago and net income was $7.2 million, or $0.12 per share, a huge improvement from a loss of $38.6 million a year ago.
Green Plains also said it will initiate a "strategic review process to explore all opportunities to enhance value," which often indicates looking for a buyer of the company.
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Why Green Plains Stock Jumped 13% on Wednesday