For the 2Q 2017, Enviva Partners, LP generated net revenue of $126.9 million, an increase of 6%, or $7.2 million, from the corresponding quarter of 2016, as the company said in the press release received by Lesprom Network.
Included in net revenue were product sales of $121.7 million on a volume of 628,000 metric tons of wood pellets, representing an increase of $5.4 million from the 2Q of last year. The increase was primarily attributable to more shipments under CIF terms and a favorable contract pricing mix.
Enviva Partners, LP generated net income of $3.9 million in the 2Q 2017, as compared to $9.9 million for the corresponding quarter of 2016.
Adjusted EBITDA improved to $24.5 million in the 2Q 2017, a $3.2 million, or 14.8 percent, increase compared to the corresponding period in 2016. The increase in adjusted EBITDA was driven by increased product sales due to a favorable contract pricing mix and the increase in other revenue.
“With continued growth in our cash flows, we were pleased to announce our 8thconsecutive distribution increase,” said John Keppler, Chairman and CEO of Enviva. “In order to extend our leadership in a rapidly growing industry, we implemented several process improvements that temporarily reduced plant utilization. With those enhancements largely in place, and given the robust fundamentals of the business, we remain on track to distribute at least $2.36 per unit for full-year 2017 and expect to maintain our track record of quarterly distribution growth into 2018.”
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.