shares of enviva tumbled by more than 50 after woodpellet maker pulled its dividend and said it expects to post a wider fullyear loss than it had forecast earlier this year the stock fell to 999 a share in premarket trading through wednesdays close the stock was already down almost 76 over the past 12 months on tuesday the stock finished at 2085 its lowest close since june 2016 executive chairman john keppler said the companys efforts to cut costs and improve productivity across enviva continue to fall behind expectations the company which in march said it planned to pay out 362 a share in dividends this year said eliminating the dividend would provide about 1 billion in additional cash flow from 2023 to 2026 that would give the company more liquidity and allow it to invest in productivity and operational improvements while not tapping the capital markets enviva said we recognize this is an important departure from the plan we laid out at our investor day a month ago but a lot has changed since then chief executive thomas meth said while our cost position has trended in the right direction it has done so at a much slower pace than we had anticipated in part due to slower volume growth and in part due to a higher spend profile he said the company is grappling with various challenges including rising costs tied to labor and wood input lack of discipline around spending on repairs and maintenance and lack of productivity at the companys plants we are very disappointed in our start to 2023 mr meth said we feel it is prudent to take a much more conservative view of what our business can realistically achieve over the next eight months the company is continuing to invest in its production capacity currently constructing fully contracted wood pellet plants in epes ala and bond miss for the first quarter revenue rose 15 to 2691 million below the 2905 million that analysts were expecting according to factset the companys quarterly loss widened to 1169 million from 453 million a year ago for the full year the company said it now expects to post a loss of 136 million to 186 million compared with prior guidance for a fullyear loss of 18 million to 48 million write to will feuer at willfeuerwsjcom