Boston, MA, 03/17/2014 – Emerge Energy Services LP (NYSE:EMES) has posted its fourth quarter and FY13 results for the period ending December 31, 2013. The company’s Wisconsin sand operations continue to perform well with the company planning to bring in two mines and wet plant complexes online, which are expected to reduce operating costs. The sales side continues to perform exemplary well with two anchor customers collectively ordering in excess of combined volumes, at the time of the IPO.
Emerge Energy Services LP (NYSE:EMES)’S fourth quarter net income came in at $14 million representing $0.58 per diluted share, a massive gain compared to a net income of $2.9 million reported in 2012 same period. Adjusted EBITDA came in at $24.6 million compared to EBITDA earnings of $8.9 million reported in the fourth quarter of 2012. Full quarter sales came in a t 765,000 tons 98% of which was Northern White sand
Full year net income came in at $35.2 million compared to a net income of $17.2 million reported in 2012. Emerge Energy Services full year adjusted EBITDA came in at $85.2 million compared to an adjusted EBITDA of $38.6 million reported as of close of business in December 31, 2012.
The fourth quarter also saw Emerge Energy Services declaring a distribution of 1 per unit which included $0.05 of distributable cash flow that had been reserved for the third quarter. Emerge Energy Services fuel segment turned in a stellar performance in the quarter resulting in an n adjusted EBITDA that surpassed expectations
Emerge Energy Services LP (NYSE:EMES) grappled with lower than expected RIN’s although wholesale margins continue to grow, thanks to teams in Euless and Birmingham. Emerge Energy Services expects its logistics offerings to grow having already put in place three new Trans load site.
Emerge Energy Services LP (NYSE:EMES) was one of the gainers on Friday trading session with its stock moving up by 6.54% to close the week at a high of $53.25.