For the 4Q 2020, Enviva Partners, LP generated net revenue of $277.3 million, as compared to $200.5 million for the corresponding quarter of 2019.
For the 4Q 2020, the company generated gross margin of $26.6 million, as compared to $28.2 million for the corresponding quarter of 2019. Adjusted gross margin was $72.8 million for the 4Q 2020, as compared to $55 million for the 4Q 2019, an increase of $17.8 million, or 32.3.
For the 4Q 2020, net loss and adjusted net income were $0.4 million and $11.1 million, respectively. For the 4Q 2019, net income and adjusted net income were $0.9 million and $17.2 million, respectively.
“We are very proud of our accomplishments in 2020. Despite the challenges presented by COVID-19, we operated our plant and terminal assets stably and reliably, we made uninterrupted deliveries to our customers, we completed two transformative acquisitions, we met our increased guidance expectations for adjusted EBITDA, distributable cash flow, and full-year distributions, and we delivered a 30% total return to our unitholders, all while keeping our people safe and healthy,” said John Keppler, Chairman and CEO of Enviva. “As we turn the page to 2021, our ability to generate stable cash flows that grow over time is poised to be more robust than ever, fueled both by organic growth as we look to replicate the highly accretive expansion projects in our existing portfolio and, against the backdrop of the forthcoming start-up of our sponsor’s fully-contracted Lucedale plant and Pascagoula terminal, coupled with existing and new long-term take-or-pay off-take energy supply contracts with large customers around the world, through additional drop-downs.”
For full-year 2020, Enviva Partners, LP generated net revenue of $875.1 million, as compared to net revenue of $684.4 million for 2019.
Gross margin was $107.1 million for full-year 2020, as compared to $81.1 million for 2019, an increase of $26.1 million.
For full-year 2020, net income and adjusted net income were $17.1 million and $46 million, respectively. For full-year 2019, net loss and adjusted net income were $2.9 million and $39 million, respectively.
Adjusted EBITDA for full-year 2020 was $190.3 million, as compared to $141.3 million for full-year 2019.
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.
