Stock in News Spotlight: Enviva Partners, LP (NYSE: EVA)

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On Thursday, Enviva Partners, LP (NYSE: EVA) spotted trading -5.85% off 52-week high price. On the other end, the stock has been noted 33.58% away from the low price over the last 52-weeks. The stock changed 0.47% to recent value of $33.93. The stock transacted 24843 shares during most recent day however it has an average volume of 37.92K shares. The company has 33.6M of outstanding shares and 19.55M shares were floated in the market.

Enviva Partners, LP (EVA) recently stated financial and operating results for the third quarter of 2019.

Third Quarter Financial Results

For the third quarter of 2019, we generated net revenue of $157.4M, a raise of 9.2 percent, or $13.3M, from the corresponding quarter of 2018. Net revenue included product sales of $155.2M on 811,000 metric tons of wood pellets sold during the third quarter of 2019, as contrast to $142.5M on 762,000 metric tons of wood pellets sold during the corresponding quarter of 2018. The $12.6M increase in product sales was primarily attributable to a 6.4 percent increase in sales volumes. Other revenue was $2.2M for the third quarter of 2019, as contrast to $1.6M for the corresponding quarter of 2018.

For the third quarter of 2019, we generated gross margin of $26.5M, as contrast to $30.1M for the corresponding period in 2018, a decrease of about $3.7M. However, gross margin for the third quarter of 2018 included insurance recoveries, net of expenses incurred, related to the Chesapeake Incident (as defined below). Not Including such amounts, gross margin for the third quarter of 2019 would have been $8.4M higher than for the third quarter of 2018, primarily as the result of a raise in sales volumes.

Adjusted gross margin was $41.0M for the third quarter of 2019, as contrast to $35.6M for the third quarter of 2018. Adjusted gross margin per metric ton was $50.56 for the third quarter of 2019, as contrast to adjusted gross margin per metric ton of $46.73 for the third quarter of 2018. The increase in adjusted gross margin per metric ton was principally Because of greater fixed cost absorption resulting in lower average costs per metric ton Because of the Joint Venture’s higher production volumes and partially Because of MSA Fee Waivers (as defined below).

For the third quarter of 2019, net income was $8.9M, as contrast to net income of $13.4M for the third quarter of 2018. Adjusted net income, which excludes the full financial impact of the Chesapeake Incident and the Hurricane Events (each as defined below) and includes the impact of certain non-cash waivers of fees for management services provided to us by our sponsor (the “MSA Fee Waivers”), was $17.4M for the third quarter of 2019, as contrast to $7.9M for the third quarter of 2018. Adjusted EBITDA for the third quarter of 2019 was our highest ever at $39.4M, as contrast to $30.2M for the corresponding quarter of 2018. The increase was primarily Because of higher sales volumes and the MSA Fee Waivers. Distributable cash flow, previous to any distributions attributable to incentive distribution rights paid to our general partner, was $30.0M for the third quarter of 2019, as contrast to $20.7M for the corresponding quarter of 2018.

As of September 30, 2019, the Joint Venture had $2.4M of cash on hand and $185.0M of borrowings outstanding under its senior secured revolving credit facility. The $18.5M increase in revolving borrowings in the third quarter of 2019 is due primarily to funding of capital expenditures associated with the Joint Venture’s wood pellet production plant in Hamlet, North Carolina (the “Hamlet plant”) and the Joint Venture’s before reported projects (the “Mid-Atlantic Expansions”) to increase the aggregate production capacity of its wood pellet production plants in Northampton, North Carolina and Southampton, Virginia by about 400,000 metric tons per year (“MTPY”).

Its earnings per share (EPS) expected to touch remained -66.40% for this year while earning per share for the next 5-years is expected to reach at # ref. EVA has a gross margin of 12.10% and an operating margin of 6.40% while its profit margin remained 0.80% for the last 12 months.   According to the most recent quarter its current ratio was 0.7 that represents company’s ability to meet its current financial obligations. The price moved ahead of -0.64% from the mean of 20 days, 4.28% from mean of 50 days SMA and performed 8.30% from mean of 200 days price. Company’s performance for the week was -1.71%, 4.66% for month and YTD performance remained 22.27%.

 


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Rickey Bryan

Rickey Bryan–Finance Daily My name is Rickey Bryan, and I am the main writer behind the" firstnewsclick.com" for the ground-breaking and most fragile bits of knowledge into the most recent news in the finance sector. I began my voyage of work as an autonomous investment advisor. I had around 4 years of involvement in this field. I am a free soul so; my energy for investigating the world has taken me to the countries over the globe and allowed me to report for a part of the best news affiliations. At present, I am a full-time manager as experienced in the account and began to utilize my capacities. Address: 3361 Bridge Avenue Roanoke, LA 70581, United States of America Phone Number:  +1 337 753 0612 Email: Rickey@firstnewsclick.com

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