Montauk Renewables, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 04:41 pm EST
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Montauk Renewables, 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 55.69 million compared to USD 55.86 million a year ago. Net income was USD 12.93 million compared to USD 11.19 million a year ago. Basic earnings per share from continuing operations was USD 0.09 compared to USD 0.08 a year ago. Diluted earnings per share from continuing operations was USD 0.09 compared to USD 0.08 a year ago.
For the nine months, sales was USD 128.1 million compared to USD 155.92 million a year ago. Net income was USD 10.15 million compared to USD 29.22 million a year ago. Basic earnings per share from continuing operations was USD 0.07 compared to USD 0.21 a year ago. Diluted earnings per share from continuing operations was USD 0.07 compared to USD 0.2 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.