Granite Falls Energy, LLC Reports Earnings Results for the Third Quarter and Nine Months Ended July 31, 2022
September 14, 2022 at 03:56 pm EDT
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Granite Falls Energy, LLC reported earnings results for the third quarter and nine months ended July 31, 2022. For the third quarter, the company reported sales was USD 103.75 million compared to USD 89.26 million a year ago. Net income was USD 20.59 million compared to USD 6.58 million a year ago. Basic earnings per share from continuing operations was USD 672.73 compared to USD 215.1 a year ago.
For the nine months, sales was USD 313.04 million compared to USD 212.7 million a year ago. Net income was USD 53.55 million compared to USD 11.47 million a year ago. Basic earnings per share from continuing operations was USD 1,749.51 compared to USD 374.71 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 
