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
Stela Celebrates 100th Anniversary
Stela Laxhuber GmbH celebrated its 100th anniversary on June 24 at its operations in Massing, Germany. In the course of a century, the company has developed from a wind well producer to an agricultural machinery dealer to today’s world-renowned specialist for drying systems of all kinds…
Enviva Establishes Heirs Property Fund
Enviva Inc., the world’s largest producer of industrial wood pellets, has announced the establishment of the Enviva Heirs Property Fund (EHPF), an initiative dedicated to ending involuntary land loss across the U.S. Southeast. Enviva has formally committed $250,000 on an annual basis to provide support to landowning families in the…
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.