For full-year 2017, Enviva Partners, LP generated net revenue of $543.2 million, an increase of 17%, or $78.9 million, from 2016. Included in net revenue were product sales of $522.3 million on a volume of 2.72 million metric tons of wood pellets during 2017, as compared to $444.5 million on a volume of 2.35 million metric tons in 2016.
Gross margin was $78.8 million for full-year 2017, as compared to $76.8 million for the corresponding period in 2016, an increase of $2 million.
Net income for full-year 2017 would have been $20.6 million and adjusted EBITDA would have been $105.4 million, an increase of 26.2%, or $21.9 million, from 2016. The increase in adjusted EBITDA was driven primarily by increased product sales and lower production costs as mentioned above. Distributable cash flow, prior to any distributions attributable to incentive distribution rights paid to our general partner, would have been $70.8 million.
For the 4Q 2017, Enviva Partners, LP generated net revenue of $161 million, an increase of 27.3%, or $34.5 million, from the corresponding quarter of 2016.
Gross margin was $25.7 million for the 4Q 2017, as compared to $19.2 million for the corresponding period in 2016, an increase of $6.6 million. Gross margin increased primarily due to higher sales volumes and lower production and raw material costs, partially offset by higher depreciation expense.
Adjusted EBITDA for the 4Q 2017 was $31.9 million.
Enviva Partners, LP is a publicly traded master limited partnership that aggregates a natural resource, wood fiber, and processes it into a transportable form, wood pellets.
