Enviva reports net loss of $18.3M for third-quarter 2022
November 3, 2022 By Canadian Biomass staff
U.S. pellet producer Enviva noted in its latest financial report a net loss of $18.3 million and adjusted EBITDA of $60.6 million for third-quarter 2022.
John Keppler, chairman and chief executive officer, said in the report the results were in line with their expectations.
“We are also thankful that our people and assets navigated Hurricane Ian safely, with the financial impact limited to the deferral of around $3 million of adjusted EBITDA from third quarter to fourth quarter due to the modest ship loading delays we experienced as a result of the storm at quarter end,” Keppler said.
“This solid foundation gives us additional confidence in the step-up we expect for the second half of 2022 and we believe we are well positioned to deliver full-year financial performance in line with our guidance. As demonstrated this quarter, we continue to benefit from a very constructive pricing environment for wood pellets both for the near term and for long-term contracted deliveries, achieving an adjusted gross margin per metric ton of $60 this quarter, with the continued expectation of further improvements for fourth-quarter 2022,” he said.
Read the full report here.
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