Q2 2024 Montauk Renewables Inc Earnings Call Transcript
Key Points
- Montauk Renewables Inc (JSE:MKR) commissioned a digestion capacity increase at the Pico facility, resulting in a 39% increase in MMBtu production over 2023.
- The company successfully commissioned its first reactor for the swine waste to energy development project in North Carolina.
- Montauk Renewables Inc (JSE:MKR) received approval from the North Carolina Utilities Commission for an amendment to the new renewable energy facility designation, which is crucial for REC generation.
- The company has managed to sell 4.7 million RINs at a higher average realized price of $3.32 in the third quarter, compared to $3.20 in the second quarter.
- Despite weather-related challenges, Montauk Renewables Inc (JSE:MKR) reaffirmed its full-year 2024 outlook for RNG production volumes and revenues.
- Total revenues for the second quarter of 2024 decreased by $10 million or 18.6% compared to the same period in 2023.
- Operating income for the second quarter of 2024 was $0.9 million, a significant decrease of 93.6% compared to $13.6 million in the second quarter of 2023.
- The company experienced severe weather impacts in Texas, causing widespread, multi-day power outages and a reduction in MMBtu production.
- Operating and maintenance expenses for RNG facilities increased by $2.2 million or 18.9% compared to the second quarter of 2023.
- Adjusted EBITDA for the second quarter of 2024 was $7 million, a decrease of $12.2 million compared to $19.2 million for the second quarter of 2023.
Good afternoon, everyone, and thank you for participating in today's conference call. I would like to turn the call over to Mr. John Ciroli as he provides some important cautions regarding forward-looking statements and non-GAAP financial measures contained in the earnings material are made on this call.
John, please go ahead.
Thank you, and good afternoon, everyone. Welcome to Montauk Renewables earnings conference call to review the second-quarter 2024 financial and operating results and development. I'm John Ciroli, Chief Legal Officer and Secretary at Montauk.
Joining me today are Sean McClain, Montauk's President and Chief Executive Officer, to discuss business developments; and Kevin Van Asdalan, Chief Financial Officer, to discuss our second-quarter 2024 financial and operating results.
At this time, I would like to direct your attention to our forward-looking disclosure statement. During this call, certain comments
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