Enviva Partners, LP Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Year Ending December 31, 2016 and December 31, 2017
Nov 3 16
Enviva Partners, LP reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported net revenue of $109,774,000 against $116,588,000 a year ago. Income from operations was $16,375,000 against $11,629,000 a year ago. Income before income tax expense was $13,012,000 against $8,793,000 a year ago. Net income attributable to the company was $13,033,000 against $8,807,000 a year ago. Net income per diluted unit was $0.50 against $0.27 a year ago. Adjusted EBITDA improved to $25,469,000, a 28.9% increase compared to the corresponding period in 2015 adjusted EBITDA of $19,766,000. The increases in gross margin, net income, and adjusted EBITDA were driven by increased other revenue, partially offset by lower wood pellet sales volumes as a result of shipment timing. Adjusted EBITDA was $25,469,000 against $19,766,000 a year ago. Distributable cash flow attributable to the company was $21,175,000 against $15,487,000 a year ago.
For the nine months, the company reported net revenue of $336,735,000 against $340,561,000 a year ago. Income from operations was $42,333,000 against $30,150,000 a year ago. Income before income tax expense was $32,511,000 against $16,836,000 a year ago. Net income attributable to the company was $32,580,000 against $14,199,000 a year ago. Net income per diluted unit was $1.26 against $0.50 a year ago. Net cash provided by operating activities was $67,612,000 against $44,963,000 a year ago. Purchases of property, plant and equipment was $7,735,000 against $5,262,000 a year ago. Adjusted EBITDA was $67,426,000 against $55,727,000 a year ago. Distributable cash flow attributable to the company was $55,911,000 against $44,818,000 a year ago.
The company has adjusted its full-year ending December 31, 2016 guidance to reflect the additional interest expense associated with the senior notes used to pre-fund the Sampson acquisition. The company now expects full-year 2016 net income to be in the range of $34.0 million to $36.0 million, while adjusted EBITDA is now expected to be in or
slightly above the range of $86.0 million to $88.0 million. The company expects to incur maintenance capital expenditures of $4.0 million and interest expense net of amortization of debt issuance costs and original issue discount of $16.0 million in 2016. As a result, the company expects full-year distributable cash flow to be in the range of $66.0 million to $68.0 million, prior to any distributions attributable to incentive distribution rights paid to the general partner. Depreciation and amortization of $27.1 million, interest expense of $18.0 million, asset impairments and disposals of $2.1 million and interest expense net of amortization of debt issuance costs and original issue discount of$16.0 million.
For the year ending December 31, 2017, the company expects net income in the range of $31.0 million to $35.0 million, estimated adjusted EBITDA in the range of $110.0 million to $114.0 million, estimated distributable cash flow in the range of $76.0 million to $80.0 million, depreciation and amortization of $34.5 million, interest expense of $31.3 million, non-cash unit compensation expense of $6.6 million, asset impairments and disposals of $4.0 million, interest expense net of amortization of debt issuance costs and original issue discount of $29.0 million and maintenance capital expenditures of $5.0 million.
Enviva Partners, LP Declares Distribution for the Third Quarter of 2016, Payable on November 29, 2016
Nov 2 16
Enviva Partners, LP (the “Partnership") announced that the board of directors of its general partner declared a quarterly distribution of $0.5300 per common and subordinated unit for the third quarter of 2016, representing a $0.005 increase from the Partnership’s second quarter distribution. The quarterly distribution will be paid on November 29, 2016, to unitholders of record as of the close of business November 14, 2016.