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Enviva Partners, LP Reports Financial Results for First Quarter 2018 and Announces Eleventh Consecutive Distribution Increase
BETHESDA, MD, May 3, 2018 Enviva Partners, LP (NYSE: EVA) (the Partnership or we) today reported financial and operating results for the first quarter of 2018.
· Declared a quarterly distribution of $0.6250 per unit, a 12.6% increase from the distribution paid for the first quarter of 2017
· Reported a net loss of $19.3 million for the first quarter of 2018, reflecting $19.5 million of expenses related to the incident at the Chesapeake terminal
· Reported an adjusted EBITDA of $17.6 million for the first quarter of 2018. Excluding the full impact of the incident at the Chesapeake terminal, adjusted EBITDA would have been $21.8 million for the first quarter of 2018
· Chesapeake terminal expected to return to full operation by June 30, 2018; substantially all of the costs associated with the incident expected to be recoverable
· Reaffirmed full-year 2018 distribution guidance of at least $2.53 per unit
While we continue the process of restoring the Chesapeake terminal from the recent fire incident and maintaining an extended logistics chain, we are proud of our operations team for keeping our plants running at rates that exceeded our performance in the first quarter of last year, said John Keppler, Chairman and Chief Executive Officer of Enviva. With our stable and growing production performance, our sales forecast remains consistent with our expectations for the full year and reinforces our confidence in distributing at least $2.53 per unit for 2018.
Presentation of Financial Results and Adoption of ASC 606
As of January 1, 2018, the Partnership adopted Financial Accounting Standards Board Accounting Standards Codification 606 (ASC 606), Revenue from Contracts with Customers, which requires entities to recognize revenue when control of the promised goods or services is transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. Prior to the adoption of ASC 606, back-to-back transactions to purchase and sell wood pellets, where title and risk of loss are immediately transferred to the ultimate purchaser, were recorded in other revenue, net of costs paid to third-party suppliers. Pursuant to ASC 606, the Partnership now recognizes revenue from such transactions on a gross basis in product sales.
Unless otherwise indicated, the financial results for the three months ended March 31, 2018 presented in this release are prepared on this basis.
The following information was filed by Enviva Partners, Lp (EVA) on Thursday, May 3, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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