Montauk Renewables, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 09, 2023 at 04:41 pm EDT
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Montauk Renewables, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 53.26 million compared to USD 67.88 million a year ago. Net income was USD 1 million compared to USD 19.15 million a year ago. Basic earnings per share from continuing operations was USD 0.01 compared to USD 0.14 a year ago. Diluted earnings per share from continuing operations was USD 0.01 compared to USD 0.13 a year ago.
For the six months, sales was USD 72.41 million compared to USD 100.06 million a year ago. Net loss was USD 2.79 million compared to net income of USD 18.04 million a year ago. Basic loss per share from continuing operations was USD 0.02 compared to basic earnings per share from continuing operations of USD 0.13 a year ago. Diluted loss per share from continuing operations was USD 0.02 compared to diluted earnings per share from continuing operations of USD 0.13 a year ago.
Montauk Renewables, Inc. is a renewable energy company, which is engaged in specializing in the management, recovery and conversion of biogas into Renewable Natural Gas (RNG). The Company's segments include Renewable Natural Gas and Renewable Electricity Generation. The Companyâs Renewable Natural Gas segment includes the production of RNG. The Renewable Electricity Generation segment includes generation of electricity at biogas-to-electricity plants. The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid. The Company is engaged in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has operations at approximately 15 operating projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina and Texas.