For the 3Q 2017, Enviva Partners, LP generated net revenue of $131.5 million, an increase of 18.7%, or $20.7 million, from the corresponding quarter of 2016, as the company said in the press release received by Lesprom Network.
3Q 2017 net income was $6.3 million, compared to $10.3 million for the corresponding quarter of 2016.
Adjusted EBITDA improved to $26.1 million in the 3Q 2017, a $3.2 million, or 13.9%, increase compared to the corresponding period in 2016. The increase in adjusted EBITDA was driven by a decrease in general and administrative expenses attributable to plant development costs incurred during the construction of the Sampson plant. Net income decreased primarily due to the higher depreciation expense and an increase in interest expense.
John Keppler, Chairman and CEO of Enviva, said: “With the benefits of the process improvements we undertook in the first half of the year, our facilities are performing at or better than our expectations, generating strong cash flow in the quarter enabling our 9th consecutive quarterly distribution increase. In addition, we continue to build the foundation for long-term growth with increases to our contracted position and the completion of the Wilmington terminal drop-down acquisition, which adds capacity in the most critical portion of our logistics chain.”
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.
