Enviva Partners, LP focuses on the production and distribution of utility-grade wood pellets to power generators. Enviva Partners GP, LLC operates as the general partner of the company. Enviva Partners, LP was founded in 2013 and is based in Bethesda, Maryland. Enviva Partners, LP operates as a subsidiary of Enviva Holdings, LP.
7200 Wisconsin Avenue
Bethesda, MD 20814
Founded in 2013
Enviva Partners, LP Provides Earnings Guidance for the Second Half of 2015
Jul 30 15
Enviva Partners, LP provided earnings guidance for the second half of 2015. For the second half of 2015, the Partnership expects its existing business to generate net income in the range of $11.5 million to $13.5 million, adjusted EBITDA in the range of $30.0 million to $32.0 million, maintenance capital expenditures in the range of $1.5 million to $2.0 million, and interest expense net of amortization of debt issuance costs and original issue discount of $4.7 million. As a result, the Partnership expects to generate distributable cash flow of $23.0 million to $25.0 million for the second half of 2015.
Enviva Partners Seeks Acquisitions
Jul 30 15
Enviva Partners, LP (NYSE:EVA) is seeking acquisitions. Steve Reeves, Chief Financial Officer, said, "We closed the quarter with $77 million of cash on hand that is available for general, corporate purposes including potential acquisitions."
Enviva Partners, LP Announces Consolidated Financial Results for the Second Quarter and Six Months Ended June 30. 2015
Jul 30 15
Enviva Partners, LP announced consolidated financial results for the second quarter and six months ended June 30. 2015. For the quarter, the company reported product sales $107,195,000 against $67,328,000 a year ago. Net revenue was $109,659,000 against $68,551,000 a year ago. Income from operations was $8,778,000 against $396,000 a year ago. Income before tax expense was $1,026,000 against loss before tax of $1,871,000 a year ago. Net income attributable to company was $1,034,000 against net loss of $1,850,000 a year ago. Net income per basic and diluted limited partner unit was $0.24. Exceeded plan and generated adjusted EBITDA was $16.0 million (on net income of $1.0 million). The improvement was due t o a $15 per metric ton improvement in adjusted gross margin, which was a result of increased revenue, improved cost posit ion, and a favorable mix of customer off-take and marine shipping contract pricing, partially offset by the increases in general and administrative costs. The increases in revenue and net income were primarily the result of contracts acquired as part of the acquisition of its Cottondale plant, as well as a maintenance out age at one of its off-take customer's plant s last year. The increase in net income was partially offset by increases in general and administrative costs, largely due to forming and being a public company, and cost of goods sold associated with higher sales volumes. Maintenance capital expenditures was $12,438,000.
For the six months, the company reported product sales $220,776,000 against $133,146,000 a year ago. Net revenue was $223,973,000 against $135,049,000 a year ago. Income from operations was $16,663,000 against loss from operations of $664,000 a year ago. Income before tax expense was $6,193,000 against loss before tax of $5,228,000 a year ago. Net income attributable to company was $3,553,000 against net loss of $5,186,000 a year ago. Net income per basic and diluted limited partner unit was $0.24. Net cash provided by operating activities was $32,283,000 against $19,672,000 a year ago. Purchases of property, plant and equipment was $2,401,000 against $12,982,000 a year ago.