U.S. stocks were in the red on Tuesday morning, with Treasury yields topping a 14-month high. The Dow declined 0.40% to 33,039, the S&P 500 index fell 0.43% to 3,953 and the Nasdaq Composite Index was down 0.30% to 13,020.
- StarTek Inc. (SRT, Financial) +5.8%
- FedEx Corp. (FDX, Financial) +2.3%
- Ford Motor Co. (F, Financial) +2.3%
- Herman Miller Inc. (MLHR, Financial) +1.5%
- Occidental Petroleum Corp. (OXY, Financial) +1.4%
- Ulta Beauty Inc. (ULTA, Financial) +1.3%
- GAN Ltd. (GAN, Financial) -1.9%
- PepsiCo Inc. (PEP, Financial) -1.7%
- Cal-Maine Foods Inc. (CALM, Financial) -1.7%
- Coca-Cola Co. (KO, Financial) -1.5%
- Dollar General Corp. (DG, Financial) -0.5%
The main European stock markets traded in the green.The U.K.'s FTSE 100 rose 0.53%, Germany's Dax advanced 1.29%, France's CAC 40 added 1.21% and Spain's Ibex 35 was up 1.21%.
In Asia, Japan's Nikkei 225 gained 0.16%, India's BSE Sensex rose 2.30%, Hong Kong's Hang Seng advanced 0.84% and China's Shanghai Composite was up 0.62%.
Danimer Scientific releases earnings report
Revenue grew 37.8% year over year to $12.03 million. The company also posted a loss of 26 cents per share.
CEO Stephen E. Croskrey had the following to say:
"We ended the year with an exceptionally strong customer base, a commercial-scale bioplastic technology platform that we believe is unrivaled, and the financial flexibility to move the business forward. Our team overcame logistical challenges related to the pandemic and achieved strong 2020 results. In addition, we were thrilled to become a public company through the completion of our merger with Live Oak in December 2020. This strategic combination provided us with significant financial resources to service our multinational blue chip customers and fuel our capacity expansion objectives."
Moreover, for full fiscal 2020, revenue rose 46% to $47.3 million compared to the prior year. The gross profit increased to $11.5 million from $11.1 million a year ago, and the adjusted gross profit rose 19% to $16.6 million.
Furthermore, the adjusted Ebitda reached ($3.2) million, compared to ($1.6) million in the prior-year quarter.
Looking toward fiscal 2021, the bioplastic company projects capital expenditures to be in the range of $100 million to $125 million, which will be invested in planned capacity expansions.
Danimer Scientific shares have advanced 45% since the beginning of the year versus the S&P 500's gain of 6.8%.
Disclosure: The author holds no positions in any stocks mentioned.
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