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There are few bright spots in the world of green energy these days and while Green Plains Renewable Energy (NASDAQ:GPRE) can’t be called a green energy pure play and I’m not a big fan of ethanol, they are profitable and seeing significant growth. So there ya go.. we’ll take the positives in the green energy space when we can get it.

The company beat analyst estimates Wednesday night reporting an EPS of .32/share on revenues of $957 million, which compares with the analyst estimates of .28/share on revenues of $873 million. That represents quarter over quarter growth of 39% and 93% respectively, so indeed an impressive quarter. Traders like the report and bid the stock up nearly 7% in after hours trading.

Here are some highlights of comments made by CEO Todd Becker:

- all segments performed well

- non ethanol operating income was 40% of the total as company strives to diversify away from ethanol production (smart move)

- ethanol margins more robust than expected which resulted in highest level of operating income for ethanol segment this year

- continuing to invest in algae production for human nutrition, animal feed and biofuels

Technically, shares of GPRE are still in a downtrend but recently held critical support around the $8.40 level and have moved up 25% off that level in just a few weeks.

Disclosure: None