Vertex Energy reports Q4 fully diluted EPS (84c), consensus (14c)

Reports Q4 adjusted EBITDA ($35.1M) vs. $75.2M last year. Reports total cash and cash equivalents of $80.6M, including restricted cash of $3.6M and $50M in additional term loan proceeds received during the quarter ended December 31, 2023. Benjamin P. Cowart, Vertex’s CEO, stated, “In 2023, we focused on establishing new lines of business, expanding our capabilities, and positioning ourselves for growth into new markets. We believe the launch of Vertex Renewables and optimization of feedstocks have positioned the Company for margin opportunities under the new credit regime post-2024. Additionally, the inauguration of our Marine Fuels and Logistics business alongside our Supply and Trading division has enabled us to leverage strategic integration opportunities, enhancing netbacks and capturing additional value for our finished products.” Cowart continued, “As we move into 2024, our priorities are to increase our cash position, reduce our operating costs, and improve margins.”