Shares of Green Plains Inc. (GPRE) surged over 11% on Tuesday as the biorefining company reported stronger-than-expected third-quarter earnings and announced a smooth transition in its finance leadership.
In its quarterly report, Green Plains posted earnings per share of $0.69, significantly outpacing Wall Street's consensus estimate of $0.12 for the period. While revenues of $658.7 million missed forecasts slightly, the company's robust profit numbers were enough to excite investors and drive the stock higher.
The upbeat Q3 performance is the primary catalyst behind GPRE's rally. However, the company also disclosed a key management transition that appears to have reinforced market confidence. Effective November 1st, Phil Boggs will take over as Chief Financial Officer, replacing the retiring Jim Stark.
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