| Reportable Segment |
The following tables set forth certain financial data
for the Company’s reportable segment for the three and six month periods ended July 31, 2026 and 2025 (in thousands):
| | |
Three Months Ended
July 31, | | |
Six Months Ended
July 31, | |
| | |
| 2026 | | |
| 2025 | | |
| 2026 | | |
| 2025 | |
| Net sales and revenue | |
| | | |
| | | |
| | | |
| | |
| Ethanol and by-products | |
$ | 501,789 | | |
$ | 388,439 | | |
$ | 927,998 | | |
$ | 819,082 | |
| Reconciling Item: Equity method ethanol investment | |
| (333,296 | ) | |
| (229,876 | ) | |
| (603,006 | ) | |
| (502,179 | ) |
| Total consolidated net sales and revenue | |
$ | 168,493 | | |
$ | 158,563 | | |
$ | 324,992 | | |
$ | 316,903 | |
| | |
| | | |
| | | |
| | | |
| | |
| Production tax credit income | |
| | | |
| | | |
| | | |
| | |
| Ethanol and by-products | |
$ | 38,737 | | |
$ | - | | |
$ | 66,178 | | |
$ | - | |
| Reconciling Item: Equity method ethanol investment | |
| (20,327 | ) | |
| - | | |
| (40,219 | ) | |
| - | |
| Total consolidated production tax credit income | |
$ | 18,410 | | |
$ | - | | |
$ | 25,959 | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | |
| Cost of sales | |
| | | |
| | | |
| | | |
| | |
| Ethanol and by-products: | |
| | | |
| | | |
| | | |
| | |
| Cost of corn | |
$ | 293,021 | | |
$ | 253,382 | | |
$ | 557,620 | | |
$ | 533,747 | |
| Other cost of sales (1) | |
| 111,504 | | |
| 107,500 | | |
| 226,379 | | |
| 229,186 | |
| Reconciling Item: Equity method ethanol investment | |
| (270,922 | ) | |
| (216,638 | ) | |
| (515,419 | ) | |
| (474,691 | ) |
| Total cost of sales | |
$ | 133,603 | | |
$ | 144,244 | | |
$ | 268,580 | | |
$ | 288,242 | |
| | |
| | | |
| | | |
| | | |
| | |
| Gross profit | |
| | | |
| | | |
| | | |
| | |
| Ethanol and by-products | |
$ | 136,001 | | |
$ | 27,557 | | |
$ | 210,177 | | |
$ | 56,149 | |
| Reconciling Item: Equity method ethanol investment | |
| (82,701 | ) | |
| (13,238 | ) | |
| (127,806 | ) | |
| (27,488 | ) |
| Total consolidated gross profit | |
$ | 53,300 | | |
$ | 14,319 | | |
$ | 82,371 | | |
$ | 28,661 | |
| | |
| | | |
| | | |
| | | |
| | |
| Depreciation and amortization expense | |
| | | |
| | | |
| | | |
| | |
| Ethanol and by-products | |
$ | 13,282 | | |
$ | 11,724 | | |
$ | 26,478 | | |
$ | 21,963 | |
| Reconciling Item: Equity method ethanol investment | |
| (6,642 | ) | |
| (5,970 | ) | |
| (13,128 | ) | |
| (11,190 | ) |
| Total consolidated depreciation and amortization expense | |
$ | 6,640 | | |
$ | 5,754 | | |
$ | 13,350 | | |
$ | 10,773 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income before taxes | |
| | | |
| | | |
| | | |
| | |
| Ethanol and by-products | |
$ | 125,899 | | |
$ | 21,417 | | |
$ | 194,701 | | |
$ | 46,779 | |
| Reconciling Item: Equity method ethanol investment | |
| (77,781 | ) | |
| (9,320 | ) | |
| (120,468 | ) | |
| (21,056 | ) |
| Total consolidated income before income taxes | |
| 48,118 | | |
| 12,097 | | |
| 74,233 | | |
| 25,723 | |
| Provision for income taxes | |
| (7,472 | ) | |
| (2,769 | ) | |
| (11,909 | ) | |
| (5,723 | ) |
| Total consolidated net income | |
$ | 40,646 | | |
$ | 9,328 | | |
$ | 62,324 | | |
$ | 20,000 | |
| | (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. |
|