Enviva Partners reported 15% increase of Adjusted EBITDA amid 6% net revenues growth in 2Q2017 y-o-y. According to the announcement, the company’s net revenues accounted for USD 126.9 million, generating Adjusted EBITDA of USD 24.5 million in the period (18.8% margin).
John Keppler, Enviva’s Chairman and Chief Executive Officer, commented:
“With continued growth in our cash flows, we were pleased to announce our 8th consecutive distribution increase. In order to extend our leadership in a rapidly growing industry, we implemented several process improvements that temporarily reduced plant utilization. With those enhancements largely in place, and given the robust fundamentals of the business, we remain on track to distribute at least USD 2.36 per unit for full-year 2017 and expect to maintain our track record of quarterly distribution growth into 2018.”
In 1Q2017 Enviva Partners increased Adjusted EBITDA margin to 18.8%.
Earlier Enviva Partners declared a quarterly distribution for 2Q2017 payable on August 29, 2017.
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.