Vertex Energy reports Q2 EPS ($1.03) with items, consensus (28c)

Reports Q2 revenue $734.89M, consensus $707.74M. Q2 financial results include a non-cash, one-time interest expense of $63.0M related to the recent privately negotiated exchange of approximately $79.9M of Vertex’s Senior Secured 6.25% Convertible Notes Due 2027, which closed on June 12. “During the Q2, we made considerable progress in developing our broader strategic vision of creating a vertically integrated renewable fuels company,” stated Benjamin P. Cowart, President and CEO of Vertex, who continued, “While short-term profitability on the conventional fuels refining business was negatively impacted by a combination of deterioration in market conditions and the added expense associated with the start-up of our renewable diesel facility, we successfully achieved several important strategic milestones through establishing RD production, accelerating our feedstock strategy, and improving balance sheet efficiency, which we believe will help drive greater long-term shareholder value for the company.”