Vertex Energy, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 07, 2023 at 06:17 am EST
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Vertex Energy, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 1,018.41 million compared to USD 809.53 million a year ago. Net income was USD 19.84 million compared to USD 22.23 million a year ago. Basic earnings per share from continuing operations was USD 0.21 compared to USD 0.23 a year ago. Diluted earnings per share from continuing operations was USD 0.17 compared to USD 0.1 a year ago. Basic earnings per share was USD 0.21 compared to USD 0.3 a year ago. Diluted earnings per share was USD 0.17 compared to USD 0.15 a year ago.
For the nine months, sales was USD 2,444.44 million compared to USD 1,913.44 million a year ago. Net loss was USD 7.7 million compared to USD 49.28 million a year ago. Basic loss per share from continuing operations was USD 0.74 compared to USD 0.91 a year ago. Diluted loss per share from continuing operations was USD 0.74 compared to USD 0.91 a year ago. Basic loss per share was USD 0.09 compared to USD 0.72 a year ago. Diluted loss per share was USD 0.09 compared to USD 0.72 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.