Quarterly Financial Data

12 Months Ended

Dec. 31, 2020

22. QUARTERLY FINANCIAL DATA (Unaudited)

The following table includes unaudited financial data for each of the quarters within the years ended December 31, 2020 and 2019 (in thousands, except per share amounts), which is derived from the company’s consolidated financial statements. In management’s opinion, the financial data reflects all of the adjustments necessary for a fair presentation of the quarters presented. The operating results for any quarter are not necessarily indicative of results for any future period.


	Three Months Ended
	December 31, ‎2020		September 30, ‎2020		June 30, ‎ 2020 ⁽¹⁾		March 31, ‎2020
Revenues	$	478,764	$	424,062	$	388,024	$	632,869
Costs and expenses ⁽²⁾		513,559		438,267		407,392		687,197
Operating loss		(34,795)		(14,205)		(19,368)		(54,328)
Other expense		(10,403)		(10,154)		(9,609)		(8,268)
Income tax benefit (expense) ⁽³⁾		1,922		(7,280)		11,458		44,283
Net loss from continuing operations including noncontrolling interest		(43,100)		(30,733)		(5,474)		(10,347)
Net loss attributable to Green Plains	$	(49,630)	$	(34,486)	$	(8,214)	$	(16,445)

Basic and diluted earnings per share attributable to Green Plains ⁽³⁾:	$	(1.43)	$	(1.00)	$	(0.24)	$	(0.47)


	Three Months Ended
	December 31, ‎2019		September 30, ‎2019		June 30, ‎2019		March 31, ‎2019
Revenues	$	715,677	$	632,350	$	630,570	$	438,641
Costs and expenses		730,599		674,715		677,215		477,279
Operating loss		(14,922)		(42,365)		(46,645)		(38,638)
Other expense		(2,286)		(9,694)		(10,759)		(7,633)
Income tax benefit (expense) ⁽⁴⁾		(19,514)		12,565		15,322		12,943
Net income (loss) from continuing operations including noncontrolling interest		(34,459)		(38,850)		(42,118)		(33,402)
Net income (loss) from discontinued operations, net of income taxes		-		3,359		1,939		(4,469)
Net income (loss) attributable to Green Plains	$	(39,749)	$	(38,970)	$	(45,342)	$	(42,799)

Basic and diluted earnings per share ⁽⁵⁾:
Loss per share from continuing operations	$	(1.13)	$	(1.15)	$	(1.18)	$	(0.95)
Income (loss) per share from discontinued operations		-		0.09		0.05		(0.11)
Loss per share attributable to Green Plains	$	(1.13)	$	(1.06)	$	(1.13)	$	(1.06)

(1)During the third quarter of 2020, the company identified an immaterial issue which resulted in the overstatement of both revenues and cost of goods sold within the agribusiness and energy services segment as previously reported for the three and six months ended June 30, 2020. The second quarter revenues and cost of goods sold reflected in the quarterly financial data have been revised to correct these amounts.

(2)The fourth quarter of 2020 includes a pretax loss on sale of assets, net of $22.4 million related to the sale of the Hereford, Texas ethanol plant and a loss related to GPCC of $0.5 million. The third quarter of 2020 includes a gain of $2.0 million related to GPCC. The first quarter of 2020 includes a goodwill impairment charge of $24.1 million.

(3)The fourth quarter of 2020 includes the recognition of a $8.5 million valuation allowance which impacted income tax expense.

(4)The fourth quarter of 2019 includes the recognition of a $25.9 million valuation allowance which impacted income tax expense.

(5)Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the total year.