Why Danimer Scientific Stock Was Moving Higher Today

·2 min read
Why Danimer Scientific Stock Was Moving Higher Today

Shares of Danimer Scientific (NYSE: DNMR) were climbing higher today after the maker of renewable and biodegradable bioplastics posted solid results in its first-quarter earnings report. Danimer, which makes food packaging from plant-based oils, said revenue increased 24% to $13.2 million, driven by stronger demand and additional PHA production at its Winchester, Kentucky plant. Adjusted gross profit slipped from $4.1 million to $3.9 million due to higher cost-per-pound of PHA products sold, and the company reported an adjusted EBITDA loss of $2.3 million, compared to breakeven in the quarter a year ago.

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