Green Plains Partners experienced lower storage and throughput volumes in its second quarter financials.
Net income for the second quarter 2017 was $13.1 million, compared to $14 million for the same period in 2016. It reported adjusted EBITDA of $16.7 million compared to $16 million for the second quarter 2016.
Revenues generated from the partnership’s rail transportation services agreement with Green Plains Trade decreased by $600,000 due to lower average rates charged for volumetric capacity provided. However, this was offset by revenues generated from its storage and throughput agreement and terminal agreements with Green Plains Trade, which increase by $600,000 due to higher throughput volumes related to ethanol storage assets acquired in September 2016.
Revenues generated from the partnership’s terminal services agreements with other customers declined by $400,000 due to lower third-party ethanol and biodiesel volumes at its Birmingham facility and other terminals.
Todd Becker, president and CEO of Greens Plains Partners, says: ‘Overall storage and throughput volumes were lower this quarter versus last quarter, but we expect them to return to normal levels in the last half of the year.
‘We continue to focus on growing our downstream platform and believe our strong base of business provides a strategic and financial advantage.’