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Montrose Environmental (MEG) Misses Q4 EPS by 9c, Revenues Beat

March 24, 2021 4:14 PM EDT

Montrose Environmental (NYSE: MEG) reported Q4 EPS of ($0.13), $0.09 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $108.7 million versus the consensus estimate of $86.5 million.

Full Year and Fourth Quarter 2020 Highlights

  • 2020 revenue of $328.2 million increased 40.4% compared to the prior year. Fourth quarter revenue of $108.7 million increased 60.2% compared to the prior year quarter.
  • 2020 Net loss of $57.9 million compared to a net loss of $23.6 million in the prior year. Fourth quarter net income of $0.8 million compared to a net loss of $11.3 million in the prior year quarter. Net loss for full year 2020 primarily due to non-cash fair value adjustments and non-capitalizable IPO expenses.
  • 2020 Adjusted EBITDA1 of $54.5 million grew 74.4% compared to the prior year. Fourth quarter Adjusted EBITDA1 of $18.3 million increased 74.1% compared to the prior year quarter.
  • 2020 Adjusted EBITDA margin1 increased to 16.6% compared to 13.4% in the prior year. Fourth quarter adjusted EBITDA margin1 improved to 16.8% compared to 15.5% in the prior year quarter.

“Fourth quarter and full year results were terrific, reflecting the resiliency in our diversified business and growing demand for our innovative environmental solutions,” stated Vijay Manthripragada, Montrose’s Chief Executive Officer. “Our strong fourth quarter capped our debut year as a public company. We produced record total revenue, generated net income and delivered record Adjusted EBITDA and Adjusted EBITDA margin for the quarter. We built on our existing customer relationships and expanded our market share. We continued our high growth trajectory and we are particularly pleased with our delivery of 17% combined organic growth, including organic growth from CTEH, our environmental response business, for the full fiscal year 2020; exclusive of CTEH, our organic growth was 4%2. Our strong performance with a challenging COVID-19 backdrop in 2020 is a testament to the excellence and dedication of our employees for whom I am very grateful.”

Mr. Manthripragada continued, “We believe the emphasis placed on better environmental stewardship by our customers, by our communities, by the capital markets, and by regulators will continue to drive our industry forward. Though we are resilient across political cycles, we expect the environmental priorities of the current U.S. Congress and presidential administration to further accelerate our momentum. In addition, we believe the capital we allocated to research, development and innovation is contributing to our organic growth and benefitting our customers and shareholders. As a result, we are confident in our ability to continue delivering strong organic growth and accretive acquisitions that advance our objective of becoming the leading global environmental solutions provider.”

For earnings history and earnings-related data on Montrose Environmental (MEG) click here.



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