Vertex Energy Inc. reported a 178% increase in gross profit and increased sales for its used motor oil collection and processing business, and Perimeter Solutions SA’s specialty products segment posted a 49% jump in profits and higher net sales for the second quarter.
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Vertex operates a rerefinery in Columbus, Ohio, which can produce 1,500 barrels per day of API Group II base stocks and a rerefinery in Marrero, Louisiana, which produces finished vacuum gas oil. The company previously announced it is still seeking a buyer for its used motor oil business – after canceling a planned sale of that business to Safety-Kleen’s parent, Clean Harbors, in January. Vertex revised its historical statements to present the operating results of the used motor oil business as discontinued operations.