Origin Materials, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 04:13 pm EST
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Origin Materials, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 7.14 million. Net income was USD 30.93 million compared to USD 8.3 million a year ago. Basic earnings per share from continuing operations was USD 0.22 compared to USD 0.06 a year ago. Diluted earnings per share from continuing operations was USD 0.22 compared to USD 0.06 a year ago.
For the nine months, sales was USD 15.74 million. Net income was USD 34.24 million compared to USD 62.58 million a year ago. Basic earnings per share from continuing operations was USD 0.25 compared to USD 0.46 a year ago. Diluted earnings per share from continuing operations was USD 0.24 compared to USD 0.44 a year ago.
Origin Materials, Inc. is a carbon negative materials company. The Company is specializing in technology that has the potential to replace petroleum-based materials with decarbonized materials in a range of end products, including food and beverage packaging, clothing, textiles, plastics, car parts, carpeting, tires, adhesives, soil amendments and fuels. It has also developed other products that can enhance sustainability, such as its 100% polyethylene terephthalate (PET) circular caps and closures that can enable fully-recyclable PET containers and reduce waste through light-weighting, while providing performance such as greater oxygen and carbon dioxide (CO2) barrier properties that can increase shelf-life. The Company has developed a biomass conversion technology to convert biomass, or plant-based carbon, into the versatile building block chemicals chloromethylfurfural (CMF) and hydrothermal carbon (HTC), as well as other oils and extractives and other co-products.