Why Danimer Scientific Stock Is Higher Today
Danimer Scientific (NYSE: DNMR), a young company focused on manufacturing biodegradable plastics, reported second-quarter results that appear significantly better than what analysts had expected. The stock is getting a boost as a result, up as much as 10% in Tuesday morning trading.
Danimer, which went public in late December via a merger with a special purpose acquisition company (SPAC), reported second-quarter earnings of $0.39 per share on revenue of $14.5 million. Only two analysts follow the company, and their consensus estimate was for a $0.07 per-share loss on $11.8 million in sales.
It's not clear whether the headline earnings-per-share number is comparable to the analyst estimate. Danimer also said its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter was negative $2.7 million, or about $0.02 per share. But either way, it's clear that revenue came in ahead of expectations and at worst, the loss was not as bad as feared.
Source Fool.com
