Montrose Environmental(US:MEG)2024-11-06 21:30Financial Performance - Total revenue for Q3 2024 reached $178.7 million, a 6.4% increase from $167.9 million in Q3 2023[5] - Net loss for Q3 2024 was $10.6 million, or $0.39 loss per share, compared to a net loss of $7.5 million, or $0.39 loss per share in the prior year[6] - Adjusted Net Income for Q3 2024 was $19.1 million, or $0.41 adjusted EPS, up from $15.7 million, or $0.31 adjusted EPS in Q3 2023[7] - Consolidated Adjusted EBITDA for Q3 2024 was $28.3 million, representing 15.8% of revenue, compared to $23.3 million, or 13.9% of revenue in the prior year[8] - Total revenue for the first nine months of 2024 was $507.4 million, a 10.7% increase from $458.5 million in the same period of 2023[9] - Net loss for the first nine months of 2024 was $34.1 million, or $1.30 loss per share, compared to a net loss of $29.4 million, or $1.39 loss per share in the prior year[10] - Consolidated Adjusted EBITDA for the first nine months of 2024 was $68.5 million, or 13.5% of revenue, compared to $61.1 million, or 13.3% of revenue in the prior year[12] Guidance and Projections - The company reaffirms its full-year 2024 revenue guidance of $690 million to $740 million and Consolidated Adjusted EBITDA guidance of $95 million to $100 million[17] - Future projections for Consolidated Adjusted EBITDA in 2024 are based on estimates of revenue and operating margins, but cannot be reconciled to net income without unreasonable efforts[32] Assets and Liabilities - Total assets as of September 30, 2024, reached $1.007 billion, a significant increase from $816.8 million at the end of 2023, representing a growth of 23.3%[23] - Total liabilities increased to $464.8 million as of September 30, 2024, compared to $342.6 million at the end of 2023, marking a rise of 35.7%[24] - The company’s equity increased to $449.2 million as of September 30, 2024, from $321.3 million at the end of 2023, representing a growth of 39.8%[25] Cash Flow and Expenses - Cash and cash equivalents decreased to $13.0 million from $23.2 million at the end of 2023, indicating a decline of 44%[23] - Accounts receivable increased to $152.8 million, up 36% from $112.4 million at the end of 2023, reflecting improved revenue collection[23] - The company incurred interest expense of $11.4 million for the nine months ended September 30, 2024, compared to $5.5 million for the same period in 2023, reflecting a 107% increase[22] Segment Performance - Total operating segments revenue for Q3 2024 was $507.34 million, a 10.65% increase from $458.47 million in Q3 2023[28] - Consolidated Adjusted EBITDA for Q3 2024 was $28.31 million, compared to $23.30 million in Q3 2023, reflecting a 21.5% increase[36] - Total segment revenues for the Measurement and Analysis segment in Q3 2024 were $158.89 million, up from $143.05 million in Q3 2023[28] - The Remediation and Reuse segment reported revenues of $184.41 million in Q3 2024, compared to $144.78 million in Q3 2023, marking a 27.5% increase[28] Strategic Initiatives - The company plans to prioritize the redemption of preferred equity and subsequent deleveraging while focusing on cash flow generation[4] - The company received five patents in 2024, increasing its total patent portfolio to 23, enhancing its capabilities across multiple contaminants[11] - The company expects to continue organic growth, excluding revenues from environmental emergency response and acquisitions[33] Shareholder Information - The company reported a weighted average of 34.24 million common shares outstanding for Q3 2024, compared to 30.14 million in Q3 2023[35] - The company’s net loss per share attributable to common stockholders was $(0.39) for the three months ended September 30, 2024, consistent with the same period in 2023[22] - Basic Adjusted Net Income per share for Q3 2024 was $0.48, compared to $0.39 in Q3 2023, indicating a 23.1% increase[35]