Cardinal Ethanol, LLC Reports Earnings Results for the Third Quarter and Nine Months Ended June 30, 2023
August 04, 2023 at 03:28 pm EDT
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Cardinal Ethanol, LLC reported earnings results for the third quarter and nine months ended June 30, 2023. For the third quarter, the company reported sales was USD 119.05 million compared to USD 133.26 million a year ago. Net income was USD 14.29 million compared to USD 34.17 million a year ago. Basic earnings per share from continuing operations was USD 978 compared to USD 2,340 a year ago.
For the nine months, sales was USD 384.77 million compared to USD 417.49 million a year ago. Net income was USD 43.67 million compared to USD 75 million a year ago. Basic earnings per share from continuing operations was USD 2,990 compared to USD 5,135 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 
