- Vertex Energy Inc (NASDAQ:VTNR) reported first-quarter revenue growth of 60.6% year-over-year to $40.22 million, missing the consensus of $51.69 million.
- EPS loss was $(0.08) compared to $0.01 a year ago.
- The gross margin contracted by 466 bps to 3.8%. Vertex's operating loss increased to $(7.27) million from $(0.76) million a year ago.
- Net cash used in operating activities from continuing operations for Q1 was $(14.1) million.
- Adjusted EBITDA of $13.0 million, an increase of 86% Y/Y. Trailing twelve-month Adjusted EBITDA of $31.3 million, increased $28.8 million Y/Y.
- As of March 31, 2022, the company had cash and equivalents of $124.5 million.
- FY22 Outlook: Vertex Energy expects gross profit of $440 million - $460 million; adjusted net income of $235 million - $255 million.
- It expects Adjusted EBITDA of $340 million - $360 million; and adjusted free cash flow of $150 million - $175 million.
- FY23 Outlook: The company expects gross profit of $530 million - $550 million and an adjusted net income of $250 million - $270 million.
- It expects Adjusted EBITDA of $425 million - $450 million and adjusted free cash flow of $260 million - $280 million.
- Price Action: VTNR shares are trading higher by 0.32% at $9.51 on the last check Tuesday.
