Lake Area Corn Processors, LLC Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 11, 2023 at 04:31 pm EDT
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Lake Area Corn Processors, LLC reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 74.18 million compared to USD 75.44 million a year ago. Net income was USD 8.63 million compared to USD 11.12 million a year ago. Basic earnings per share from continuing operations was USD 0.29 compared to USD 0.38 a year ago.
For the six months, sales was USD 152.02 million compared to USD 139.89 million a year ago. Net income was USD 12.05 million compared to USD 12.79 million a year ago. Basic earnings per share from continuing operations was USD 0.41 compared to USD 0.43 a year ago.
Lake Area Corn Processors, LLC owns and manages an ethanol plant that has a nameplate production capacity of 100 million gallons of ethanol per year through its wholly owned subsidiary Dakota Ethanol, L.L.C. The Companyâs segments include Production and Ethanol Producing Equity Method Investments. The Production segment includes the manufacture and marketing of fuel-grade ethanol and co-products of the ethanol production process. The Ethanol Producing Equity Method Investments segment consists of the aggregation of the Company's two equity method operating segments of investment in Guardian Hankinson, LLC, and investment in Ring-neck Energy & Feed, LLC. Fuel grade ethanol is its primary product. The Company also sells distillers grains and corn oil, the principal co-products of the ethanol production process. The ethanol plant produces at a rates more than 98 million gallons of ethanol per year.
LAKE AREA CORN PROCESSORS, LLC 
