Granite Falls Energy, Llc Reports Earnings Results for the Second Quarter Ended April 30, 2020
June 15, 2020 at 02:10 pm
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Granite Falls Energy, LLC announced earnings results for the second quarter ended April 30, 2020. For the second quarter, the company announced sales was USD 33.106 million compared to USD 49.424 million a year ago. Operating loss was USD 14.455 million compared to USD 2.620 million a year ago. Net loss was USD 11.883 million compared to USD 1.902 million a year ago. Basic loss per share from continuing operations was USD 388.26 compared to USD 62.17 a year ago. For the half year, sales was USD 86.463 million compared to USD 98.799 million a year ago. Operating loss was USD 17.172 million compared to USD 7.126 million a year ago. Net loss was USD 13.383 million compared to USD 5.480 million a year ago. Basic loss per share from continuing operations was USD 437.3 compared to USD 179.05 a year ago.
Granite Falls Energy, LLC is engaged in the production and sale of ethanol and its co-products (wet, modified wet and dried distiller's grains, corn oil and corn syrup) locally and throughout the continental United States. The principal products from ethanol production at the Company's plant and its subsidiary, Heron Lake BioEnergy, LLC (HLBEs) plant are fuel-grade ethanol, distiller grains, and non-edible corn oil. In addition, HLBE's plant also includes corn syrup and natural gas pipeline operations. It also extracts non-edible crude corn oil. It sells distillers grains (DDGS) as animal feed for beef and dairy cattle, poultry and hogs. Its corn oil is primarily sold to diesel manufacturers and, to a lesser extent, feed lot and poultry markets. Its ethanol production operations are carried out at its ethanol plant located in Granite Falls, Minnesota, and at the ethanol plant operated by HLBE located near Heron Lake, Minnesota. It distributes its products through third party marketers.
GRANITE FALLS ENERGY, LLC 