Ethanol producer Green Plains Renewable Energy has posted a fourth quarter profit. That’s worth noting considering the poor state of the industry, which has been particularly hard hit by the global financial crisis and the lack of affordable credit.
The Omaha, Neb.-based company posted a net income of $23.1 million, or 91 cents a share, compared with a net loss of $1.8 million, reports Reuters.
Revenues rose 138 percent from the year ago period to $436.7 million from 183.2 million.
Green Plains’s corn-based ethanol generated $235.9 million of these revenues, up 80 percent from the year-ago period.
Earlier today, we kicked-off the week with a post on a Pike Research report that bullishly predicts that revenues for biodiesel could peak to $21 billion by 2020.
Like a lot of strategic investors looking to buy discounted refining assets, Green Plains’s Chief Executive Officer Todd Becker said it was looking to acquire plants, writes BusinessWeek.
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