Enviva Partners reported 38.3% increase of Adjusted EBITDA amid 13.9% net revenues growth in 1Q2017 y-o-y. According to the announcement, the company’s net revenues accounted for USD 122.1 million, generating Adjusted EBITDA of USD 22.9 million in the period (18.8% margin).
John Keppler, Enviva’s Chairman and Chief Executive Officer, commented:
“Enviva delivered solid operating performance in what typically is our softest quarter. Combined with the benefit of our recently acquired Sampson plant and DONG Energy off-take contract, we are right on track, year over year.
With the expected fourth quarter lift from the Wilmington terminal acquisition, we are pleased to increase our 2017 distribution guidance to at least USD2.36 per unit.”
In 4Q2016 Enviva Partners increased Adjusted EBITDA by 3.1%.
Earlier Enviva completed the previously announced acquisition of the Sampson plant and associated off-take contracts from Enviva Holdings joint venture with affiliates of John Hancock Life Insurance Company.
About Enviva Partners:
The company is a publicly traded master limited partnership that aggregates a natural resource, wood fiber, and processes it into a transportable form, wood pellets. It sells a significant majority of its wood pellets through long-term, take-or-pay agreements with creditworthy customers in the U.K. and Europe. Enviva Partners owns and operates six plants in Southampton County, Virginia; Northampton County and Ahoskie, North Carolina; Amory and Wiggins, Mississippi; and Cottondale, Florida having a combined production capacity of approximately 2.3 Mt of wood pellets per year. In addition, the partnership owns a deep-water marine terminal at the Port of Chesapeake, Virginia, which is used to export wood pellets. Enviva Partners also exports pellets through the ports of Mobile, Alabama and Panama City, Florida.