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
Biomass Machines Debut At Oregon Logging Conference
Suppliers and vendors of biomass processing equipment were well represented at this year’s Oregon Logging Conference in Eugene, Oregon in late February. The logging industry’s biggest equipment show featured a wide variety of logging systems and harvesting and processing equipment…
Enviva Issues Statement Following Destructive Weather In Mississippi
Enviva Inc. has reported that all of its associates are safe and accounted for following a strong tornado that touched down in Amory, Miss., on March 24, 2023. The storm did, however, damage the company’s 115,000 metric ton per year wood pellet production facility, although Enviva’s larger plants and ports in…
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.