Granite Falls Energy, Llc Reports Earnings Results for the Third Quarter Ended July 31, 2021
September 14, 2021 at 12:04 pm EDT
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Granite Falls Energy, LLC announced earnings results for the third quarter ended July 31, 2021. For the third quarter, the company announced sales was USD 89.258 million compared to USD 34.131 million a year ago. Operating income was USD 7.965 million compared to operating loss of USD 1.778 million a year ago. Net income was USD 6.583 million compared to USD 717,775 a year ago. Basic earnings per share from continuing operations was USD 215.1 compared to USD 23.45 a year ago. For the nine months, sales was USD 212.697 million compared to USD 120.594 million a year ago. Operating income was USD 9.552 million compared to operating loss of USD 18.950 million a year ago. Net income was USD 11.468 million compared to net loss of USD 12.666 million a year ago. Basic earnings per share from continuing operations was USD 374.71 compared to basic loss per share from continuing operations of USD 413.84 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.