Granite Falls Energy, Llc Reports Earnings Results for the Second Quarter Ended April 30, 2019
June 14, 2019 at 11:41 am EDT
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Granite Falls Energy, LLC announced earnings results for the second quarter ended April 30, 2019. For the second quarter, the company announced sales was USD 49.424 million compared to USD 55.550 million a year ago. Operating loss was USD 2.620 million compared to operating Income of USD 2.167 million a year ago. Net loss was USD 1.902 million compared to net income of USD 1.497 million a year ago. Basic loss per share from continuing operations was USD 62.17 compared to basic earnings per share from continuing operations of USD 48.93 a year ago. For the half year, sales was USD 98.799 million compared to USD 108.543 million a year ago. Operating loss was USD 7.126 million compared to operating Income of USD 3.492 million a year ago. Net loss was USD 5.480 million compared to net income of USD 2.549 million a year ago. Basic loss per share from continuing operations was USD 179.05 compared to basic earnings per share from continuing operations of USD 83.29 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 
