Why Vertex Energy Stock Rocketed 28% at the Open Today
Shares of Vertex Energy (NASDAQ: VTNR), a refiner that uses waste products like used motor oil as a feedstock, rose a huge 31% in early trading on Tuesday. Roughly two hours into the day, the stock was still near its highs, up approximately 28%. The big news was its fourth-quarter 2021 earnings report that was released prior to the market open today. But the numbers were likely less important than the strategic update management provided.
Sales in 2021 were $115.8 million, up from $47 million in 2020 and just $18.4 million in 2019. That progression is important because Vertex is building out its business (more on its expansion efforts below). For the full year, the company's net loss totaled $7.7 million, including $22.9 million from one-time items like transaction-related expenses.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), meanwhile, hit a record at $25.3 million for the full year. A favorable commodity-price environment and improved refining economics were two key factors. There was a mix of good and bad here, but what likely got investors in a positive mood was the update on a planned refinery acquisition.
Source Fool.com
