Cardinal Ethanol, LLC Reports Earnings Results for the Second Quarter and Six Months Ended March 31, 2023
May 11, 2023 at 05:13 pm EDT
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Cardinal Ethanol, LLC reported earnings results for the second quarter and six months ended March 31, 2023. For the second quarter, the company reported sales was USD 130.77 million compared to USD 133.97 million a year ago. Net income was USD 13.47 million compared to USD 8.43 million a year ago. Basic earnings per share from continuing operations was USD 923 compared to USD 577 a year ago.
For the six months, sales was USD 265.72 million compared to USD 284.23 million a year ago. Net income was USD 29.38 million compared to USD 40.82 million a year ago. Basic earnings per share from continuing operations was USD 2,012 compared to USD 2,795 a year ago.
Cardinal Ethanol, LLC and its subsidiaries is engaged in producing fuel-grade ethanol, distillers grains, corn oil and carbon dioxide near Union City, Indiana and sells these products throughout the continental United States. In addition, the Company procures, transports, and sells grain commodities through grain operations. Its divisions include ethanol and trading. Its ethanol division markets and sells ethanol and its co-products primarily in the continental United States using third party marketers. Its ethanol products are marketed by Murex, LLC and distillers grains are marketed by CHS, Inc. It markets and distributes all the corn oil it produces directly to end users and third-party brokers. The Company's trading division has a grain loading facility within its single site to buy, hold and sell inventories of agricultural grains, primarily soybeans. It performs no additional processing of these grains, unlike the corn inventory the Company holds and uses in ethanol production.
CARDINAL ETHANOL, LLC 
