Southwest Iowa Renewable Energy, LLC Reports Earnings Results for the Third Quarter and Nine Months Ended June 30, 2022
August 12, 2022 at 01:48 pm EDT
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Southwest Iowa Renewable Energy, LLC reported earnings results for the third quarter and nine months ended June 30, 2022. For the third quarter, the company reported sales was USD 87.53 million compared to USD 87.87 million a year ago. Net income was USD 10.51 million compared to USD 6.75 million a year ago.
For the nine months, sales was USD 285.13 million compared to USD 213.28 million a year ago. Net income was USD 53 million compared to USD 4.72 million a year ago.
Southwest Iowa Renewable Energy, LLC is engaged in the production of ethanol. The Company sells its ethanol, distillers grains, corn condensed distillers soluble, distillers corn oil and carbon dioxide (CO2) in the continental United States, Mexico and the Pacific Rim. Its production facility (the Facility) is located in Pottawattamie County in southwestern Iowa, south of Council Bluffs. The principal purchasers of ethanol are wholesale gasoline marketers or blenders. The Company produces approximately 123.3 million and 127.0 million gallons of ethanol. It produces two forms of distillers grains, namely wet distillers grains with solubles (WDGS) and dried distillers grains with solubles (DDGS). The Company's system separates corn oil from the post-fermentation syrup stream as it leaves the evaporators of the ethanol plant. The corn oil is then routed to storage tanks, and the remaining concentrated syrup is routed to the plantâs syrup tank.