Montauk Renewables, Inc. ( (MNTK) ) has released its Q3 earnings. Here is a breakdown of the information Montauk Renewables, Inc. presented to its investors.
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Montauk Renewables, Inc., based in Pittsburgh, Pennsylvania, is a renewable energy company focused on converting biogas into renewable natural gas (RNG) and electricity, with over 30 years of experience in landfill methane-fueled renewable energy projects across multiple states in the U.S.
In its third quarter 2024 earnings report, Montauk Renewables announced a significant increase in financial performance compared to the same period in 2023. The company achieved increased revenues, net income, and adjusted EBITDA, despite challenges from weather-related utility outages in Texas.
Key financial highlights include a 14.5% increase in RINs sold, a revenue rise to $65.9 million, a net income increase to $17 million, and an adjusted EBITDA of $29.4 million. The company also reported stable RNG production and noted impacts from Hurricane Beryl, which caused a production loss of approximately 50,000 MMBtu. Montauk also highlighted its selection for a green methanol pilot project.
Looking forward, Montauk expects RNG revenues between $175 and $185 million for the full year 2024, with RNG production volumes anticipated to range from 5.5 to 5.7 million MMBtu. The company noted ongoing trends affecting production timelines due to delays in wellfield collection infrastructure installations, which are expected to continue into 2025.
