For the 3Q 2019, Enviva Partners, LP generated net revenue of $157.4 million, an increase of 9.2%, or $13.3 million, from the corresponding quarter of 2018, as the company says in the press release received by Lesprom Network.
Net revenue included product sales of $155.2 million on 811,000 metric tons of wood pellets sold during the 3Q 2019, as compared to $142.5 million on 762,000 metric tons of wood pellets sold during the corresponding quarter of 2018.
For the 3Q 2019, Enviva Partners, LP generated gross margin of $26.5 million, as compared to $30.1 million for the corresponding period in 2018, a decrease of approximately $3.7 million. However, gross margin for the 3Q 2018 included insurance recoveries, net of expenses incurred, related to the Chesapeake incident. Excluding such amounts, gross margin for the 3Q 2019 would have been $8.4 million higher than for the 3Q 2018, primarily as the result of an increase in sales volumes.
Adjusted gross margin was $41 million for the 3Q 2019, as compared to $35.6 million for the 3Q 2018. Adjusted gross margin per metric ton was $50.56 for the 3Q 2019, as compared to adjusted gross margin per metric ton of $46.73 for the 3Q 2018.
For the 3Q 2019, net income was $8.9 million, as compared to net income of $13.4 million for the 3Q 2018.
Adjusted EBITDA for the 3Q 2019 was company’s highest ever at $39.4 million, as compared to $30.2 million for the corresponding quarter of 2018.
The increase was primarily due to higher sales volumes and the MSA Fee Waivers.
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.
