Business
Advanced Emissions Solutions Reports Third Quarter 2020 Results
Two RC transactions during the quarter; Company reached 15-Year activated carbon supply agreement with Cabot Corporation GREENWOOD VILLAGE, Colo., Nov. 09,
About this update from Arq, Inc.
[{"type":"text","content":"Two RC transactions during the quarter; Company reached 15-Year activated carbon supply agreement with Cabot Corporation\nGREENWOOD VILLAGE, Colo., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (NASDAQ: ADES) (the \"Company\" or \"ADES\") today filed its Quarterly Report on Form 10-Q and reported financial results for the third quarter ended September 30, 2020, including information about its equity investments 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 for the third quarter were $9.7 million compared to $18.7 million in the prior yearRoyalty earnings from Tinuum Group in the third quarter were $3.6 million compared to $4.4 million in the prior yearRC Segment operating income in the third quarter was $12.8 million compared to $18.2 million in the prior yearRC Segment Adjusted EBITDA in the third quarter was $13.1 million compared to $22.7 million in the prior yearDuring July 2020, Tinuum completed two additional RC transactionsBased on 21 invested RC facilities as of September 30, 2020, expected future net RC cash flows to ADES are projected to be between $90 million and $110 million through year end 2021During October 2020, Tinuum completed one additional RC transaction, potentially adding $5.0 million to $7.0 million in cash flows to ADES through year end 2021 Power Generation and Industrials (\"PGI\") Highlights Recognized third quarter segment revenue of $13.4 million compared to $14.0 million in the prior yearSegment operating loss in the third quarter was $1.3 million compared to an operating loss of $1.0 million in the prior yearSegment Adjusted EBITDA in the third quarter was $0.2 million, compared to a segment Adjusted EBITDA of $1.0 million in the prior year ADES Consolidated Highlights Consolidated revenue was $19.5 million during the third quarter compared to $19.1 million in the prior yearConsolidated net income was $5.0 million for the third quarter compared to net income of $3.9 million in 2019; pretax income was $5.8 million in the third quarter compared to $10.5 million in 2019Consolidated Adjusted EBITDA was $8.7 million, compared to $18.5 million in the prior yearMade quarterly principal payment of $6...