Granite Falls Energy, Llc Reports Earnings Results for the Third Quarter Ended July 31, 2020
September 14, 2020 at 02:37 pm
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Granite Falls Energy, LLC announced earnings results for the third quarter ended July 31, 2020. For the third quarter, the company announced sales was USD 34.131 million compared to USD 56.401 million a year ago. Operating loss was USD 1.778 million compared to operating Income of USD 2.155 million a year ago. Net income was USD 717,775 compared to USD 1.888 million a year ago. Basic earnings per share from continuing operations was USD 23.45 compared to USD 61.7 a year ago. For the nine months, sales was USD 120.594 million compared to USD 155.201 million a year ago. Operating loss was USD 18.950 million compared to USD 4.970 million a year ago. Net loss was USD 12.666 million compared to USD 3.591 million a year ago. Basic loss per share from continuing operations was USD 413.84 compared to USD 117.36 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 