Loop Industries reports FY24 EPS (44c) vs. (45c) last year

Reports FY24 revenue $153K vs. $173K last year. The company states: “On May 1, 2024, Loop signed an agreement with Ester to form a 50/50 India joint venture. The India JV plans to establish an Infinite Loop manufacturing facility in India to produce lower carbon footprint recycled dimethyl terephthalate, recycled mono-ethylene glycol and specialty polymers using the Infinite Loop technology. Loop believes this unique product offering complements Loop’s strategy to produce PET plastic and polyester and addresses the large and underserved $28 billion specialty chemicals market for DMT and MEG. Loop and Ester anticipate that total capital investment for the first India facility is estimated at approximately US$165 million and construction is anticipated to be complete by the end of 2026. Loop believes the investment is projected to generate high returns in capital, without the need for significant sustainability-linked premium pricing, and strong cash flows including an expected 5% annual royalty payment on sales from the facility.”