Energy
Ethanol Maker Green Plains Plunges on Bigger-Than-Expected Loss
- Shares touch lowest since 2021 as second quarter disappoints
- Revenue drops 28% amid lower prices for corn-based ethanol
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Green Plains Inc. shares plunged the most in more than four years as the ethanol producer again disappointed investors with lower-than-expected financial results.
The company posted a loss of 38 cents a share for the second quarter, double the average analyst estimate compiled by Bloomberg. Revenue fell 28% from a year earlier amid lower prices for corn-based ethanol and dry distillers grains used in livestock feed.