| Reportable Segment |
The following tables set forth certain financial
data for the Company’s reportable segment for the three month periods ended April 30, 2026 and 2025 (in thousands):
| | |
Three Months Ended
April 30, |
| | |
2026 | | |
2025 | |
| Net sales and revenue | |
| | | |
| | |
| Ethanol and by-products | |
$ | 426,209 | | |
$ | 430,643 | |
| Reconciling Item: Equity method ethanol investment | |
| (269,710 | ) | |
| (272,303 | ) |
| Total consolidated net sales and revenue | |
$ | 156,499 | | |
$ | 158,340 | |
| | |
| | | |
| | |
| Production tax credit income | |
| | | |
| | |
| Ethanol and by-products | |
$ | 27,441 | | |
$ | - | |
| Reconciling Item: Equity method ethanol investment | |
| (19,892 | ) | |
| - | |
| Total consolidated production tax credit income | |
$ | 7,549 | | |
$ | - | |
| | |
| | | |
| | |
| Cost of sales | |
| | | |
| | |
| Ethanol and by-products: | |
| | | |
| | |
| Cost of corn | |
$ | 264,599 | | |
$ | 280,365 | |
| Other cost of sales (1) | |
| 114,875 | | |
| 121,686 | |
| Reconciling Item: Equity method ethanol investment | |
| (244,497 | ) | |
| (258,053 | ) |
| Total cost of sales | |
$ | 134,977 | | |
$ | 143,998 | |
| | |
| | | |
| | |
| Gross profit | |
| | | |
| | |
| Ethanol and by-products | |
$ | 74,176 | | |
$ | 28,592 | |
| Reconciling Item: Equity method ethanol investment | |
| (45,105 | ) | |
| (14,250 | ) |
| Total consolidated gross profit | |
$ | 29,071 | | |
$ | 14,342 | |
| | |
| | | |
| | |
| Depreciation and amortization expense | |
| | | |
| | |
| Ethanol and by-products | |
$ | 13,196 | | |
$ | 10,239 | |
| Reconciling Item: Equity method ethanol investment | |
| (6,486 | ) | |
| (5,220 | ) |
| Total consolidated depreciation and amortization expense | |
$ | 6,710 | | |
$ | 5,019 | |
| | |
| | | |
| | |
| Income before taxes | |
| | | |
| | |
| Ethanol and by-products | |
$ | 68,802 | | |
$ | 25,362 | |
| Reconciling Item: Equity method ethanol investment | |
| (42,687 | ) | |
| (11,736 | ) |
| Total consolidated income before income taxes | |
| 26,115 | | |
| 13,626 | |
| Provision for income taxes | |
| (4,437 | ) | |
| (2,954 | ) |
| Total consolidated net income | |
$ | 21,678 | | |
$ | 10,672 | |
| (1) | Expenses within “Other cost of sales” consist primarily of depreciation, other raw materials, third-party freight charges,
purchasing and receiving costs, inspection costs, other distribution expenses, warehousing costs, plant repair and maintenance costs,
production labor and related payroll costs, and general facility overhead charges. |
|