Montauk Renewables Q3 Profit Surges 31.8% Despite Hurricane Impact; Adjusts 2024 Outlook

Montauk Renewables (NASDAQ: MNTK) reported strong Q3 2024 financial results with revenues of $65.9 million, up 18.4% year-over-year. Net income increased 31.8% to $17.0 million, while Adjusted EBITDA grew 31.3% to $29.4 million. RINs sold increased 14.5% to 15.8 million. RNG production remained flat at 1.4 million MMBtu, impacted by Hurricane Beryl in Texas. The company revised its 2024 outlook, expecting RNG revenues between $175-185 million and production volumes of 5.5-5.7 million MMBtu. Management noted challenges with landfill hosts delaying infrastructure installations and higher pathway provider sharing arrangements.