- Vertex Energy Inc (NASDAQ: VTNR) posted 82.5% year-over-year revenue growth to $31.79 million in the fourth quarter, beating consensus of $29.37 million.
- Q4 adjusted net profit recovered to $4.64 million after a loss of ($2.74) million in 4Q20.
- Gross margin decreased by 130 basis points to 1%. The company recorded an operating loss of ($7.46) million, compared to ($1.83) million in 4Q20.
- Adjusted EBITDA totaled $9.5 million, compared to ($0.414) million a year ago, and the margin was 29.9%.
- Vertex Energy generated cash from operating activities of $9.68 million in FY21. Free cash flow was $5.44 million.
- The company noted that fourth quarter results benefited from strong utilization rates at the Marrero and Heartland refineries, improved refined product margins, as well as continued growth in UMO collections.
- In 1Q22, the company achieved several key financial and business milestones ahead of the expected closing of the Mobile Refinery acquisition.
- The company plans to begin producing renewable diesel at the Mobile Refinery by the end of 2022, with renewable diesel production reaching 14,000 barrels per day by mid-2023.
- “We currently expect to complete our acquisition of the Mobile Refinery over the next few weeks, as planned,” CEO Benjamin Cowart said.
- As of December 31, 2021, Vertex held total free cash of $36 million and restricted cash of $100 million.
- Price Action: VTNR shares are trading up 26.3% at $7.79 when last checked on Tuesday.
(VTNR) – Vertex Energy Stock Soars After Fourth Quarter Results; Expects to close mobile refinery deal as planned
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