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More revenue milestones for Aveda in Q3

Stockhouse Editorial
0 Comments| November 21, 2017


Aveda Transporation and Energy Services Inc (TSX: V.AVE, OTCQB: PHNHF, Forum) yesterday released their third quarter results. Highlights on the bottom line include:

  • Record revenue for the quarter ending September 30, 2017: $53.5 million
  • Five consecutive quarters of revenue growth, and three consecutive quarterly records for revenue
  • Q3 revenue increased by $32.5 million, translating into a 160% improvement over the same period in 2016
  • Gross profit of $9.2 million is a 215% increase over Q3 2016
  • Adjusted EBITDA increased to $4.7 million versus $0.1 million one year ago

The Company also increased its “operational footprint” by opening a new fleet terminal in Martins Ferry, Ohio. Management is expecting this expansion to contribute to Q4 results. Aveda currently has $20.4 million in working capital, with $32.8 million available on its senior debt facility.

AVE is also reporting strong results for the first nine months of 2017:

  • Record revenue of $146.5 million
  • Gross profit of $25.7 million
  • Adjusted EBITDA of $12.4 million

The Company also engaged in debt restructuring and raised $22.9 million in gross proceeds through an equity offering in February. Further information can be found here.

Aveda was recently in the news earlier this month when it announced it would be hosting its conference call to announce Q3 results on November 21, 2017.

 
FULL DISCLOSURE: Aveda Transportation and Energy Services is a paid client of Stockhouse Publishing.

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