EVA - Enviva reports Q2 results; reaffirms FY23 and initiates Q3 and Q4 guidance

2023-08-03 01:01:28 ET

• Enviva press release ( NYSE: EVA ): Q2 Revenue of $301.9M (+1.9% Y/Y) misses by $2.73M .
• Reported a net loss of $55.8 million for second-quarter 2023, as compared to a net loss of $27.3 million for second-quarter 2022; net loss for second-quarter 2023 was in line with the previously disclosed guidance range.
• Reported adjusted EBITDA for second-quarter 2023 of $26.0 million as compared to $39.5 million for second-quarter 2022; adjusted EBITDA for second-quarter 2023 was in line with the previously disclosed guidance range.
• Metric tons sold during second-quarter 2023 were 1.302 million MT, as compared to 1.275 million MT during second-quarter 2022, representing a 2% increase in volumes year-over-year.
• Outlook: Reaffirmed net loss guidance range for full-year 2023 of $186 million to $136 million
  • Reaffirmed adjusted EBITDA guidance range for full-year 2023 of $200 million to $250 million.
  • Lowered full-year 2023 total capital expenditures guidance range to $335 million to $365 million, from $365 million to $415 million, representing a decrease of 10% at the midpoint of the ranges.
  • Management expects net product sales price per MT to be within a range of $230 to $240 per MT for full-year 2023.
  • Q3 outlook: Enviva is maintaining its net loss range for third-quarter 2023 of $25 million to $5 million, but revising its adjusted EBITDA guidance range to contemplate.
  • As a result, adjusted EBITDA guidance for third-quarter 2023 is now expected to be in the range of $60 million to $80 million, lowered by $10 million from the previous expectation of $70 million to $90 million.
  • Q4 outlook: Enviva’s net income for the fourth quarter is now expected to be in the range of $40 million to $60 million, increased from the previous estimate of $20 million to $40 million. Adjusted EBITDA is now expected to be in the range of $120 million to $140 million, increased from the previous estimate of $110 million to $130 million.

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