EVA - Why Enviva Stock Is Plunging Today
2023-05-04 12:19:26 ET
Renewable energy company Enviva (NYSE: EVA) reported a quarterly loss significantly worse than a year ago, and eliminated its quarterly dividend to preserve cash. Investors are rushing for the exits, sending Enviva shares down as much as 65% on Thursday morning.
Enviva is a producer of industrial wood pellets that can be burned in place of fossil fuels. The company owns and operates 10 plants in the U.S., selling pellets worldwide.
But things are not going to plan for Enviva. The company lost $116.8 million in the first quarter, more than double its $45.3 million loss in the same three months of 2022, on revenue down $25 million year over year to $269.1 million.
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Why Enviva Stock Is Plunging Today