Enviva Partners, LP (“Enviva,” the “Partnership”) reported financial and operating results for the 2Q 2021. Net revenue increased by $117.3 million to $ 285 million, or 70%, for the 2Q 2021 as compared to the 2Q 2020, substantially as a result of an increase in product sales.
The Partnership generated net income of $2.6 million for the 2Q 2021 as compared to net income of $8.5 million for the corresponding period in 2020. Adjusted net income for the 2Q 2021 increased by $1.1 million, or 12.7%, as compared to the corresponding period in 2020.
Adjusted EBITDA for the 2Q 2021 increased by $11.5 million to $48.9 million, or 30.7%, as compared to the 2Q 2020, primarily due to higher sales volumes.
“During the 2Q 2021, Enviva delivered results in line with our expectations for the quarter and laid the foundation for a very strong back half of the year,” said John Keppler, Chairman and CEO. “With the benefit of the commissioning and ramp of our Northampton, Southampton, and Greenwood plant expansions, continued progress on our Multi-Plant Expansions, and the substantial contracted cash flow acquired with the drop-downs of the Lucedale plant and Pascagoula terminal, we were pleased to increase our guidance for 2021, announce guidance for 2022, and complete a sizeable equity raise. We believe Enviva is firmly on track to deliver a strong full-year 2021 and an even more robust 2022.”
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.
