- Vertex (NASDAQ:VRTX) Energy Inc (NASDAQ: VTNR) reported fourth-quarter revenue growth of 82.5% year-over-year to $31.79 million, beating the consensus of $29.37 million.
- Q4 Adjusted net income recovered to $4.64 million from a loss of $(2.74) million in 4Q20.
- The gross margin declined by 130 bps to 1%. The company reported 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 Q4 results benefited from elevated utilization rates at the Marrero and Heartland refineries, improved refined product margins, together with continued growth in UMO collections.
- In 1Q22, the company reached several key financing and commercial milestones ahead of a planned closing on the Mobile Refinery acquisition.
- The company expects to begin producing renewable diesel at the Mobile refinery by year-end 2022, with renewable diesel production ramping to 14,000 barrels per day by mid-year 2023.
- "We currently expect to close on our acquisition of the Mobile Refinery over the coming weeks, as planned," said CEO Benjamin Cowart.
- As of December 31, 2021, Vertex held total cash available of $36 million and $100 million of restricted cash.
- Price Action: VTNR shares are trading higher by 26.3% at $7.79 on the last check Tuesday.
Read at Benzinga