Net income in the final three months of 2016 was negative at US$2.40mln but was an improvement on the loss of US$3.04mln a year earlier.
Revenues rose to US$31.1mln from US$20.9mln the year before.
The Black Oil division, which recycles motor oil, saw revenue rise to US$23.8mln from US$17mln the year before.
The Refining and Marketing arm grew revenues to US$3.2mln from $2.7mln the year before, while Vertex Recovery, which is responsible for recycling of used oil and used oil-related products, saw revenues shoot up 249% from a year earlier to US$4.1mln.
“During 2016, we took steps to stabilize our business and create a business model with the ability to manage spreads in any crude oil environment. Some of those steps included selling our Nevada facility, using some of the cash proceeds to reduce debt, and leading the initiative in charging for oil – a positive for the company and industry. With the improvements made at our facilities during 2016, we anticipate increased volume through our facilities during 2017,” said Benjamin Cowart, chairman and chief executive officer of Vertex Energy.
Shares in Vertex were up 4.5% in the first half hour of trading.
Story by ProactiveInvestors