Enviva Takes Huge Stock Price Hit

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1425334041729-0'); });

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.

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1446841792559-0'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1383679093178-5'); });

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

Port Of Tyne Invests £1 Million In Pellet Handling

Nov 24, 2020

The Port of Tyne, one of the UK’s leading deep-sea ports and a major employer in the region, has announced a £1 million investment in its wood pellet-handling operations. The investment sees state-of-the-art equipment installed…

Earthworm, Drax Working Together

Nov 24, 2020

Earthworm Foundation and energy company Drax Group have launched a new evidence-based approach to measure and evaluate the health of a forest, enabling the forestry industry to identify opportunities to support communities, biodiversity and tackle…

Find Us On Social

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1383679093178-0'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1383679093178-1'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1383682827953-0'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1383684651698-0'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1423518257203-0'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1423518257203-1'); });

Subscribe to Our Newsletter

Wood Bioenergy News Online hits the inboxes of subscribers in the wood-to-energy sectors.

Subscribe Now

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.

Complete the Form

Advertise

Complete the online form so we can direct you to the appropriate Sales Representative.

Contact Us