Refiner and marketer of high-quality specialty hydrocarbon products, Vertex Energy, Inc. (NASDAQ:VTNR), announced the financial reports from Q3, 2016.
Vertex Energy, Inc. (VTNR), a refiner and marketer of high-quality specialty hydrocarbon products, announced today its financial results for the quarter and nine months ended September 30, 2016.
FINANCIAL HIGHLIGHTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016
Revenue was $28.5 million compared to $39.3 million in the third quarter of 2015, a decline of 28%.
Gross profit was $6 million compared to $5.2 million during the same period last year, an increase of 16%.
Gross profit margin was 21% for the three months ended September 30, 2016, compared to 13% during the same period a year ago.
Selling, general and administrative expenses were $5.0 million in the third quarter of 2016, compared to $6.1 million for the third quarter of 2015, an 18% improvement.
Per barrel margins were up 63% year-over-year.
FINANCIAL HIGHLIGHTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016
Revenue was $67 million, which was lower than the $126.1 million reported for the same nine-month period of 2015.
Gross profit for the nine months was $11 million compared to $10.3 million during the same period last year, an increase of 7%.
Per barrel margins for the nine months were up 56% year-over-year.
Vertex’s CEO, Benjamin P. Cowart said, “I am very pleased with our performance in the third quarter, as we met our internal expectations related to spreads, charge for oil and our day-to-day operations. For the quarter, we held onto most of the margin. Overall, our spreads were good and are improving, and the oil markets were stable compared to quarters in the recent past. This helped us exceed our internal expectations and we had positive EBITDA of $1.8 million for the three months ended September 30, 2016.”
Mr. Cowart concluded, “The marine fuels market is improving and we should expect better spreads in the fourth quarter. We are hopeful that this represents the beginning of a positive trend. Although it is early in the fourth quarter, we are seeing a 3 to 5 cent per gallon improvement in our marine fuel sales from our Marrero facility.”
Vertex Management will host a conference call today at 9 A.M. EDT.
Those who wish to participate in the conference call may telephone 877-869-3847 from the U.S. and International callers may telephone 201-689-8261, approximately 15 minutes before the call. A webcast will also be available under the Investor Relations section at: www.vertexenergy.com.
A digital replay will be available by telephone approximately two hours after the completion of the call until January 31, 2017, and may be accessed by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers using conference ID #13648042.
ABOUT VERTEX ENERGY, INC.
Vertex Energy, Inc. (VTNR) is a refiner and marketer of high-quality specialty hydrocarbon products. With headquarters in Houston, Texas, Vertex processing facilities are located in Houston (TX), Marrero (LA) and Columbus (OH). For more information on Vertex Energy, please contact Porter, LeVay & Rose, investor relations representative Marlon Nurse, at 212-564-4700 or visit our website at www.vertexenergy.com.
This press release may contain forward-looking statements, including information about management’s view of Vertex Energy’s future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in the preceding discussion, the words “believes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Vertex Energy, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Vertex Energy files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Vertex Energy’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex Energy cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex Energy undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex Energy.
Vertex Energy, Inc. (NASDAQ:VTNR) shares are moving +2.88% on the news today and have traded in the range of $1.04 – 1.13 during the current trading session. A number of brokerage analysts have recently weighed in on the stock, providing price target projections. The covering firms currently have a consensus one-year price target of $2.13 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call. This is the average number from the individual targets provided by the firms. Analysts are projecting earnings per share of $-0.04 for the next fiscal quarter. For the current year, analysts are predicting earnings of $-0.39 per share according to First Call.
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In looking at where Vertex Energy, Inc. (NASDAQ:VTNR) is trading on a technical level, the stock is trading -2.11% away from its 50-day moving average of $1.09. Based on the most recent available data, the equity is -60.66% off of its 52-week high of $2.72 and +69.84% away from its 52-week low which is $0.63.
Today, the stock opened at $1.05 and the last bid at the time of writing stood at $1.07. During the session thus far, the equity dipped down to $1.04 and touched $1.13 as the high point. Vertex Energy, Inc. (NASDAQ:VTNR) has a market cap of $33.18M and has seen an average daily volume of 46,158 over the past three months.
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Disclaimer: The views, opinions, and information expressed in this article are those of the authors and do not necessarily reflect the official policy or position of any company stakeholders, financial professionals, or analysts. Examples of analysis performed within this article are only examples. They should not be utilized to make stock portfolio or financial decisions as they are based only on limited and open source information. Assumptions made within the analysis are not reflective of the position of any analysts or financial professionals.