Media General (NYSE: MEG) reported Q2 EPS of $0.61, $0.33 better than the analyst estimate of $0.28. Revenue for the quarter came in at $73.77 million versus the consensus estimate of $72.58 million.

Second Quarter 2020 Highlights

• Total revenue of $73.8 million increased 28.5% compared to the prior year quarter
• Net income of $13.2 million compared to a net loss of $0.3 million in the prior year quarter
• Adjusted EBITDA1 of $13.9 million grew 74.1% compared to the prior year quarter
• Adjusted EBITDA margin1 improved to 18.8% compared to 13.9% in the prior year quarter
• Second quarter cash flow from operations of $7.4 million, or $13.6 million excluding contingent earnout payments, up from $4.3 million in the prior year quarter

(1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. See the appendix to this release for a discussion of these measures, including how they are calculated and the reasons why we believe they provide useful information to investors, and a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP measure.

Vijay Manthripragada, Montrose’s Chief Executive Officer, stated, “We are pleased to have produced strong top line growth, continued margin improvement and strong cash generation during the second quarter and first half of 2020. Our team executed well, worked hard to support each other and met the needs of our customers during the COVID-19 pandemic. I am thankful and grateful for the ongoing commitment of all our colleagues around the world. The environment is our business and the aggregate demand for our services has remained firm during these challenging times, so we remain optimistic about the strong trajectory and outlook for our business.”

Mr. Manthripragada continued, “In July 2020, we completed our initial public offering and listing on the New York Stock Exchange. With our reinforced balance sheet and solid financial position, we plan to continue pursuing innovative and value-enhancing opportunities for our rapidly growing company. We will also continue executing on our multi-faceted growth strategy, bolstered by our robust M&A pipeline and resilient business model. Overall, we believe that positive trends in our markets, solid execution of our strategy and continued new business wins provide us with a solid footing to achieve our goals in 2020 and beyond.”

For earnings history and earnings-related data on Media General (MEG) click here.