Enviva Takes Huge Stock Price Hit
Enviva’s stock price, which has been falling all year from a high of $51 in January, sank to under a $1 a share after a new interim CEO delivered a sobering third-quarter earnings call that raised questions about the company’s viability, blaming unfavorable wood pellet pricing, problems at a plant in Virginia, higher interest expenses and other factors.
In its third quarter Security and Exchange Commission filing, Enviva cautioned that “these conditions and events in the aggregate raise substantial doubt regarding the company’s ability to continue as a going concern.”
As investors rushed for the exits, Bloomberg reported a one-day stock price drop of 79 percent. Interim CEO Glenn Nunziata (Enviva’s chief financial officer taking on the interim role) said the organization is urgently moving to “execute a multifaceted transformation plan.” He added that executives would be reviewing the company’s contracts and debt.
Latest news
Endowment Launches TimberHauling.com
U.S. Endowment for Forestry and Communities in May announced the official launch of TimberHauling.com, a national buyers’ group that provides savings on products and services to nearly 10,000 independent small trucking and hauling businesses…
New Dates Planned For Mid-Atlantic Expo
Following up on the pandemic postponement of the 2021 Mid-Atlantic Logging, Biomass and Landworks EXPO, the producers of the event, Carolina Loggers Assn. and North Carolina Forestry Assn., announce that the next Mid-Atlantic Logging, Biomass and Landworks EXPO will be…
Find Us On Social
Subscribe to Our Newsletter
Wood Bioenergy News Online hits the inboxes of subscribers in the wood-to-energy sectors.
Subscribe/Renew
Wood Bioenergy is published and delivered worldwide 6 times per year. Free to qualified readers in the U.S. Subscribers outside the U.S. are asked to pay a small fee.
Advertise
Complete the online form so we can direct you to the appropriate Sales Representative.