Enviva reports Q2 adjusted EBITDA $26.0M vs. $39.5M last year

Reports Q2 revenue $301.9M, consensus $304.6M. CEO Thomas Meth says: “For the second quarter of 2023, Enviva delivered results in line with our expectations, and we are making progress with initiatives underway to reduce costs and improve productivity across our operations. We recently initiated a corporate restructuring that is designed to reduce overhead costs to align our organization with the growth we have ahead of us today. We also reduced our delivered at port cost by $9 per MT in June as compared to the first quarter of this year, but there is certainly more work to be done to achieve our goals for the rest of this year. Along with company-wide cost reductions, we are focused on working with customers to increase our sales price per MT as well as placing our Epes, Alabama plant in service on time and on budget in mid-2024. We are on a journey to bend our cost curve down while driving our production and profitability up, and we believe the work we are focused on currently will strengthen our liquidity and leverage over time, and ultimately support a self-funding growth program.”