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

MoistTech IR3000-W Series Sensors

MoistTech Corp.’s IR3000-W series moisture sensors feature cutting-edge NIR (near-infrared) technology achieves unparalleled accuracy, delivering true, repeatable results year after year with little or no maintenance—just accurate and reliable moisture analysis of wood products, including those used in bioenergy production. The amount of moisture in wood products is a critical concern of the forest industry because excess moisture can have a large impact on final product quality, production, and energy efficiency. In addition, the IR3000-W reduces fire and explosion risk, prevents press explosions, offers precise dryer control, and monitors blending for control of moisture and resin in wood products.

read more

New From Bandit: HM6420 Hammermill Grinder

This highly productive 40 in. capacity grinder is designed and manufactured to be an alternative solution for those grinding applications that may contain contaminants. A Caterpillar C32, 1,200 HP engine provides ample torque and horsepower for optimal machine performance and productivity…

read more

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.