Ethanol Maker Green Plains Plunges on Bigger-Than-Expected Loss
Green Plains Inc.’s shares fell sharply, their largest drop in over four years, due to disappointing financial results. The company reported a second-quarter loss of 38 cents per share, double the analyst estimate. Revenue dropped 28% year-over-year, driven by lower prices for corn-based ethanol and dry distillers grains.
Green Plains Inc. shares plunged the most in more than four years as the
ethanol producer again disappointed investors with lower-than-expected
financial results.
The company posted a loss of 38 cents a share for the second quarter,
double the average analyst estimate compiled by Bloomberg. Revenue fell
28% from a year earlier amid lower prices for corn-based ethanol and dry
distillers grains used in livestock feed.
Source Link : https://www.bloomberg.com/news/articles/2024-08-06/ethanol-maker-green-plains-plunges-on-bigger-than-expected-loss
