Green Plains Inc. (NASDAQ:GPRE) Q2 2020 Earnings Conference Call - Final Transcript
Aug 04, 2020 • 11:00 am ET
Good morning and welcome to the Green Plains Inc. and Green Plains Partners Second Quarter Earnings Conference Call. Following the company's prepared remarks, instructions will be provided for Q&A. [Operator Instructions]
I will now turn the conference over to your host, Phil Boggs, Senior Vice President, Investor Relations and Treasurer. Mr. Boggs, please go ahead.
Good morning and welcome to Green Plains Inc. and Green Plains Partners second quarter 2020 earnings call. Participants on today's call are Todd Becker, President and Chief Executive Officer; Patrich Simpkins, Chief Financial Officer; and Walter Cronin, Chief Commercial Officer. There is a slide presentation available, and you can find the presentation on the Investor page under the Events and Presentations link on both corporate websites.
During this call, we will be making forward-looking statements, which are predictions, projections or other statements about future events. 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 yesterday's press releases, in the comments made during this conference call and in the Risk Factors section of our Form 10-K and 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, Phil and good morning everyone and thanks for joining our call today. For the quarter, we reported a net loss of $8.2 million or $0.24 a diluted share. While we had a small loss, we were free cash flow positive for the quarter. We also reported $17.9 million in adjusted EBITDA for the quarter.
Before I get more specific on our results, I would like to recognize how proud we are of our employees during the quarter, as we continued our high quality alcohol donation program and partnership with the University of Nebraska, Lincoln as students, staff and professors made hand sanitizers. This product was provided for free to various organizations ranging from day cares, to USDA offices, to local school districts, which we believe positively impacted Nebraska Health and Wellness during this pandemic.
The market value of this production from hand sanitizer program was significant and a gratitude from those receiving this was simply something we could not have done without a facility like Green Plains, York, Nebraska. We never ever said no to an organization in need.
Our positive results were driven by several businesses within our portfolio. We had another record quarter in our investment in Green Plains Cattle Company, which will allow a dividend to be paid to all the partners. Our high-quality alcohol sales out of our York, Nebraska facility helped deliver strong results and we had some beginning contribution from our high protein sales from Shenandoah, Iowa. Finally, the completed Project 24 facilities continue to reduce our operating costs per gallon. Without these improvements and initiatives, ethanol margins would have been very negative.
While cattle in the last half of the year