Vertex Energy, Inc. (VTNR) surged in the current market after announcing its fourth quarter and fiscal 2021 results. VTNR values at $7.54, gaining more than 22.22% compared to yesterday’s closing price. The stock closed at $6.17 at the end of the last trading session. The stock volume traded in the previous trading session was around 3.25 million shares. The current market cap of the company is about $500.61 million.
VTNR: Q4 and Fiscal 2021 Key Financials
- Vertex Energy, Inc.’s revenue in Q4 2021 was $31.7 million. It is almost double the revenue of $17.4 million in Q4 2020.
- Fiscal 2021 revenue was $115.7 million, 245% more than the revenue of $47 million in fiscal 2020.
- The company’s net loss in Q4 2021 was around $5.3 million, an increase compared to the net loss of $2.9 million in Q4 2020.
- VTNR net loss in fiscal 2021 was around $7.7 million, and profitability improved significantly compared to the net loss of $11.3 million in fiscal 2020.
- For fiscal 2021, the basic and diluted loss per share was $0.36, compared to $0.67 in fiscal 2020.
- As of 2021, the company had cash and cash equivalents of $36 million.
VTNR: Acquisition of Mobile Refinery
Vertex has agreed to buy a refinery in Mobile, Alabama from Equilon Enterprises LLC d/b/a Shell Oil Products US, Shell Oil Company, and Shell Chemical LP, companies of Shell plc.
Vertex achieved many significant financial and commercial goals in the first quarter of 2022, ahead of the scheduled closing of the Mobile Refinery purchase.
VTNR CEO’s Remarks
Refinery performance at the Marrero and Heartland refineries enhanced refined product margins while increasing sales volumes drove record fourth-quarter and full-year earnings, according to Vertex Energy President and CEO Benjamin P. Cowart. The company’s fourth-quarter Adjusted EBITDA grew over $10 million from the prior year, excluding transaction costs associated with the proposed Mobile Refinery acquisition. Roughly the same as the fourth quarter, refined product margins were steady in January and February 2022.
Conclusion
Vertex Energy, Inc. (VTNR) entered 2022 at a steady pace. The company did not provide any guidance for 2022, but it seems that it will be focusing on increasing the revenue to increase its market share.
