2023-03-17 16:58:57 ET
Shares of Montauk Renewables (NASDAQ: MNTK) fell as much as 22.5% in trading on Friday after the renewable energy company reported 2022 financial results. Shares closed the day down 14.3%.
In the fourth quarter, revenue was $49.6 million, up 9.7% from a year ago but falling well short of the $61.8 million that analysts expected. Earnings of $0.05 per share were also $0.04 behind estimates.
For the full year, revenue rose 39% to $205.6 million and net income jumped nearly 900% to $35.2 million. For the year, production of renewable natural gas (RNG) fell 2.9% from a year ago.
For further details see:Why Montauk Renewables Stock Plunged 14.3% on Friday