Business
Advanced Emissions Solutions Reports Fourth Quarter and Full Year 2019 Results
Full year results driven by record distributions from Tinuum, partially offset by broader reduction in coal-fired power generation HIGHLANDS RANCH, Colo.,
About this update from Arq, Inc.
[{"type":"text","content":"Full year results driven by record distributions from Tinuum, partially offset by broader reduction in coal-fired power generation\nHIGHLANDS RANCH, Colo., March 16, 2020 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (NASDAQ: ADES) (the \"Company\" or \"ADES\") today filed its Annual Report on Form 10-K and reported financial results for the fourth quarter and full year ended December 31, 2019, including information about its equity investment in Tinuum Group, LLC (\"Tinuum Group\") and Tinuum Services, LLC (\"Tinuum Services\") (collectively \"Tinuum\"), of which ADES owns 42.5% and 50%, respectively.\n Tinuum & Refined Coal (“RC”) Highlights Tinuum distributions to ADES were $17.1 million for the fourth quarter, and $73.9 million for full year 2019, increases of 13% and 40%, respectivelyRoyalty earnings from Tinuum Group were $4.1 million for the fourth quarter and $16.9 million for full year 2019, a decrease and an increase of 4% and 12%, respectivelyRC Segment operating income was $15.4 million for the fourth quarter and $83.5 million for full year 2019, a decrease and an increase of 22% and 29%, respectivelyAs previously announced, Tinuum Group completed sales to third party investors for four additional RC facilities in 2019 which combined for roughly 15.0 million incremental tonsBased on 20 invested RC facilities as of December 31, 2019, expected future net RC cash flows to ADES are projected to be between $150 million and $175 million through year end 2021 Power Generation and Industrials (“PGI”) Highlights Recognized segment revenue of $50.5 million for the full year 2019, compared to $8.7 million during the full year 2018, driven by consumablesSegment operating loss was $11.6 million for the full year 2019 compared to an operating loss of $2.6 million in the full year 2018Segment EBITDA loss was $4.6 million in the full year 2019, compared to a segment EBITDA loss of $2.1 million in the full year 2018 ADES Consolidated Highlights Consolidated revenue of $16.0 million during the fourth quarter and $70.1 million for full year 2019, compared to $10.6 million and $23.9 million for the comparable periods in 2018, primarily driven by the increase in consumables revenue due to the acquisition of Carbon SolutionsConsolidated net income was $9.1 million for the fourth quarter and $35.5 million for full year 2019; preta...