Enviva Partners, LP announced financial and operating results for the 3Q 2021. Net revenue increased by $11.8 million, or 5.2%, to $237.4 million, as compared to the 3Q 2020, substantially due to an increase in product sales.
Gross margin for the 3Q 2021 decreased by $0.4 million, or 1.6%, to $26 million, as compared to the 3Q 2020, principally due to higher revenue being offset by higher cost of goods sold.
Enviva generated a net loss of $0.1 million for the 3Q 2021 as compared to net income of $1.4 million for the corresponding period in 2020. Adjusted net income for the 3Q 2021 increased by $12.2 million, or 75.8%, to $ 28.3 million, as compared to the corresponding period in 2020.
Adjusted EBITDA for the 3Q 2021 was $62.9 million, an increase of $8.5 million, or 15.6%, as compared to the 3Q 2020, and DCF was $49.5 million, an increase of $7.3 million, or 17.4%, for the 3Q 2021 as compared to the corresponding period in 2020.
“For the 3Q 2021, Enviva delivered financial and operational results that represent an important step forward for us, and we are positioned for a solid finish to what has been an incredible year for our company, our team, and our equity holders,” said John Keppler, Chairman and CEO. “Today, we are very pleased to announce our inaugural contract in the rapidly growing industrial sector, with a customer who will process our solid biomass into refined liquids that ultimately become high-grade renewable fuels like sustainable aviation fuel and biodiesel. We expect this important milestone to be just the first of many as we work with large industrial customers who can use our products to make difficult-to-decarbonize industries less GHG-intensive and more sustainable.”
Enviva aggregates a natural resource, wood fiber, and processes it into a transportable form, wood pellets. Enviva sells a significant majority of its wood pellets through long-term, take-orpay off-take contracts with creditworthy customers in the United Kingdom, the European Union, and Japan.
