Danimer Scientific reports Q2 EPS (19c), consensus (23c)

Stephen E. Croskrey, Chief Executive Officer of Danimer, commented, “We completed the second quarter in line with our expectations considering the temporary impact of Starbucks’ reapportionment of their Nodax-based straw business between our converter partners. We believe these headwinds will continue into the third quarter, but at a lesser degree than experienced during the second quarter. It is important to reiterate that we have retained 100% of this business, and we remain on track to continue to grow our PHA business during 2024. Our 20-million-pound cutlery award continues to progress. Our converter partners have received initial molds for testing, and some have purchased new injection molding equipment. To date, we have received four commercial orders, with one order having been delivered and the others expected to ship by the end of this month. We expect this award to reach full run rate in mid-2025.”