Montauk Renewables reports Q2 EPS (1c), consensus 7c

Reports Q2 revenue $43.34M, consensus $46.97M. The company said, “We produced approximately 1.4 million MMMBtu of RNG in the second quarter of 2024, flat compared to 1.4 million in the second quarter of 2023. Our Texas facilities, McCarty, Atascocita, and Galveston produced 47 thousand fewer MMBtu in the second quarter of 2024 compared to the second quarter of 2023 as a result of severe weather causing widespread, multi-day power outages across the Houston, Texas area. Our Pico facility produced 13 thousand MMBtu more in the second quarter of 2024 as compared to the second quarter of 2023 due to the commissioning of our digestion expansion project. We produced approximately 45 thousand megawatt hours (“MWh”) in Renewable Electricity in the second quarter of 2024, a decrease of 4 thousand MWh compared to 49 thousand MWh produced in the second quarter of 2023. Our Security facility produced approximately 3 thousand MWh less in the second quarter of 2024 compared to the second quarter of 2023 due to the first quarter of 2024 sale of the gas rights back to the landfill host.”