(Bloomberg) -- Green Plains Inc., one of the biggest US producers of corn-based biofuel, said lower prices and idled plants hurt quarterly margins as the ethanol maker reported a quarterly loss that was far steeper than analysts expected.

The Omaha, Nebraska-based company posted a net loss of 81 cents a share for the first quarter, according to a company statement Friday. That’s more than twice the average analyst forecast for a loss of 31 cents a share. Revenue also missed estimates, dropping 28% to $597.2 million. 

The company said first-quarter ethanol margins were weaker amid an industry glut and lower prices. Margins have since improved from the quarterly lows but still have a “long way to go,” Chief Executive Officer Todd Becker said on an earnings call with analysts. He also noted that the company was hurt by a cold snap in January that caused a few of its biofuels plants to be idled.

Becker is under pressure as he tries to transform Green Plains from mainly an ethanol maker into an agriculture-technology powerhouse. The aim is to generate steady profit by making high-value ingredients from corn to use in products ranging from low-carbon jet fuel to candy. 

Disappointing financial results last year led to investor pressure for change, and in February the company said it was exploring options that could include a sale, merger or acquisition. Green Plains is still evaluation strategic options, Becker said during the call.

Shares of the Green Plains have dropped 38% over the past 12 months. 

“We continue to await evidence of the benefits of investments that have been made,” Stephens Inc. analyst Ben Bienvenu wrote in a note on Friday ahead of the company’s earnings conference call.

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