Montauk Renewables reports Q2 EPS 1c, consensus 4c

Reports Q2 revenue $53.3M, consensus $45.28M. Reports Non-GAAP Adjusted EBITDA of $19.2 million, decreased 30.4% as compared to the second quarter of 2022…”On June 21, he Environmental Protection Agency announced final rules for the Renewable Fuel Standard for the period 2023 through 2025. The final rules did not finalize the eRIN program but did set final volumes for cellulosic biofuel at 838, 1,090, and 1,376 million RINs for the years 2023, 2024 and 2025, respectively. We sold a significant amount of RINs as a result of the rise in the index price of D3 RINs following the announcement of the final rules. In the second quarter of 2023, we announced a planned development of a renewable natural gas landfill project in Irvine, CA at the Frank R. Bowerman Landfill. The project is anticipated to process the large and growing volumes of biogas in excess of the existing capacity of the REG facility. With a targeted commissioning date in 2026, we currently expect the capital investment to range between $85 – $95 million, which is anticipated to have production nameplate capacity of approximately 3,600 MMBtu per day.”