Citing an improved margin environment and solid performances by its nonethanol businesses, Omaha-based ethanol producer Green Plains Renewable Energy reported a significantly better profit this quarter compared with last year.
The company, North America’s fourth-largest ethanol producer, said Tuesday that it had a second- quarter net income of $6 million, or 19 cents per diluted share, up from a loss of $7.6 million, or 25 cents per diluted share, this time last year. Revenue was $804.7 million, down from $870.4 million.
President and CEO Todd Becker said the company was pleased to report another quarter of profitability “with each of our business segments providing a positive contribution.”
Operating at about 93 percent of its production capacity, Green Plains’ ethanol production segment produced and sold about 172 million gallons of ethanol. The company, which owns and operates grain storage assets across the Corn Belt and biofuel terminals in the South, markets and distributes about 1 billion gallons of ethanol each year.
Nonethanol operating income — which comes from the corn oil production, agribusiness and marketing and distribution segments — was $17.3 million, up from $14.6 million.
Becker said that based on the current market, he’s optimistic about the second half of 2013.
“While ethanol margins have been steadily improving, the third quarter remains heavily dependent on the spot market,” he said. “We anticipate a better second half in comparison to the first half of 2013 based on the current market structure.”
OVERLAND PARK, Kan. (AP) — Sprint Corp. says its second-quarter net loss grew while revenue held steady as the wireless carrier released its first earnings report under majority owner SoftBank.
Sprint Corp., the nation’s third largest cellphone carrier, said Tuesday that it lost more than 2 million wireless customers in the quarter, primarily due to the shutdown of the Nextel network. But it gained about 412,000 subscribers by buying the business of U.S. Cellular in the Midwest in May.
Net losses grew to $1.6 billion, or 53 cents per share. Revenue rose to $8.88 billion from $8.84 billion.
DETROIT (AP) — Chrysler’s net income rose 16 percent to $507 million in the second quarter on strong U.S. sales of the Ram pickup truck and Jeep Grand Cherokee SUV. Revenue rose 7 percent to $18 billion.
Despite its second-quarter performance, Chrysler lowered its sales and profit expectations for the full year. Production has been delayed by parts shortages. Chrysler says it’s also spending extra time ensuring quality and perfecting the new nine-speed transmission in the Jeep Cherokee.
Merck & Co.
Merck & Co., the second-biggest U.S. drugmaker by sales, reported net income plunged 49 percent after sales of its asthma drug Singulair dropped because of generic competition.
Net income fell to $906 million, or 30 cents a share, from $1.79 billion, or 58 cents, a year earlier, the Whitehouse Station, N.J.-based company said Tuesday.
Revenue dropped 11 percent to $11 billion, hurt by an 80 percent decline in sales from Singulair, which lost patent protection in the U.S. in 2012 and in Europe in February. – Bloomberg News