Green Plains Partners LP (NASDAQ:GPP) Q4 2018 Earnings Conference Call Transcript
Feb 11, 2019 • 11:00 am ET
Good morning and welcome to the Green Plains, Inc. and and Green Plains Partners' Fourth Quarter and Full Year 2018 Results. Following the company's prepared remarks, instructions will be provided for Q&A. At this time, all participants are in a listen-only mode.
I will now turn the conference over to your host, Jim Stark.
Thank you, Carmen. Welcome to the Green Plains, Inc. and Green Plains Partners' Fourth Quarter and Full Year 2018 Earnings call. Participants on today's call are Todd Becker, President and Chief Executive Officer; and John Neppl, our Chief Financial Officer.
There is a slide presentation available and you can find this presentation on the Investor page under the Events & Presentations link on both corporate websites. During this call, we will be making forward-looking statements, which are predictions, projections or other statements about the future. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, actual results could materially differ because of factors discussed in this morning's press releases and the comments made during this conference call and in the Risk Factors section of our Form 10-K, Form 10-Q and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.
Now I'd like to turn the call over to Todd Becker.
Thanks, Jim, and good morning and thanks for joining our call today. We reported net income of $53.5 million or $1.13 a diluted share and generated approximately $128 million of EBITDA for the fourth quarter. The fourth quarter and the year-end results were positively impacted by the gain on the sale of the three ethanol plants and the Vinegar Company completed in November. We ended the quarter with $318 million in the bank after the Company paid almost $500 million to eliminate our term loan B. All of our actions have put the Company on a solid financial footing during a period of volatile earnings.
While these steps were previously outlined as goals of the portfolio optimization plan, being able to execute the program during this period of time is a credit to our employees who consistently deliver success and our shareholders who have been stalwart supporters. There is still more to do which I will outline during this call. We had several one-time items occur during Q4. First, we had $150 million gain on asset sales, $3.4 million of severance expenses that was a result of the reduction in the force done in December and $13.2 million write-off of deferred debt issuance costs resulting from the term loan B pay off.
As we have done in the past and we'll be willing to do in the future we will realize value in our portfolio when the market is not willing to look past next week's or next month's crush margin. The consolidated crush margin was a negative $0.08 per gallon for the Q -- for Q4, which is the lowest we have experienced in our 10-year history. Green