Vertex Energy, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 09, 2023 at 06:17 am EDT
Share
Vertex Energy, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 734.89 million compared to USD 1,029.37 million a year ago. Net loss was USD 81.4 million compared to USD 66.97 million a year ago. Basic loss per share from continuing operations was USD 1.07 compared to USD 1.07 a year ago. Diluted loss per share from continuing operations was USD 1.07 compared to USD 1.07 a year ago. Basic loss per share was USD 1.03 compared to USD 0.99 a year ago. Diluted loss per share was USD 1.03 compared to USD 0.99 a year ago.
For the six months, sales was USD 1,426.04 million compared to USD 1,103.91 million a year ago. Net loss was USD 27.54 million compared to USD 71.52 million a year ago. Basic loss per share from continuing operations was USD 1.05 compared to USD 1.22 a year ago. Diluted loss per share from continuing operations was USD 1.05 compared to USD 1.22 a year ago. Basic loss per share was USD 0.36 compared to USD 1.1 a year ago. Diluted loss per share was USD 0.36 compared to USD 1.1 a year ago.
Vertex Energy Inc. is an energy transition company that specializes in producing both renewable and conventional fuels. The Company is engaged in operations across the petroleum value chain, including refining, collection, aggregation, transportation, storage and sales of aggregated feedstock and refined products to end-users. Its segments include Refining and Marketing and Black Oil and Recovery. The Refining and Marketing segment is engaged in the refining and distribution of petroleum products and includes the Mobile Refinery and related operations. In addition, it aggregates a diverse mix of feedstocks petroleum distillates, transmix and other off-specification chemical products. The Black Oil business is engaged in operations across the entire used motor oil recycling value chain including collection, aggregation, transportation, storage, refinement, and sales of aggregated feedstock and re-refined products to end users. It owns a fleet of 68 collection vehicles.