Montrose Environmental(US:MEG)2024-05-09 23:16Financial Performance - First quarter revenue increased by 18.2% year-over-year to $155.3 million, driven by strong organic growth and contributions from acquisitions[11, 41] - Total Operating Segments Adjusted EBITDA was $27.8 million, representing 17.9% of revenue[11] - Consolidated Adjusted EBITDA increased by 1.9% to $16.9 million in Q1 2024, compared to $16.6 million in Q1 2023[21] - Diluted Adjusted EPS was $0.16 in Q1 2024, compared to $0.17 in the prior year quarter, influenced by higher interest and depreciation[11, 23] - Adjusted Net Income was $8.4 million in Q1 2024[11] Segment Performance - Assessment, Permitting and Response (AP&R) segment revenue increased to $58.6 million in Q1 2024 from $52.2 million in Q1 2023, with segment Adjusted EBITDA at $16.3 million, or 27.8% of segment revenue[47] - Measurement & Analysis segment revenue increased to $45.5 million in Q1 2024 from $42.5 million in Q1 2023[50] - Remediation & Reuse segment revenue increased to $51.3 million in Q1 2024 from $36.7 million in Q1 2023, primarily driven by the acquisition of Matrix[52] Strategic Initiatives and Outlook - The company completed three accretive acquisitions in 2024, enhancing services, client opportunities, and geographic expansion[7, 11] - The company anticipates revenue in the range of $690 million to $740 million and Consolidated Adjusted EBITDA in the range of $95 million to $100 million for 2024[58, 59, 80] - The company expects approximately 60% of 2024 Consolidated Adjusted EBITDA to be generated in the second half of the year, primarily due to Matrix and environmental emergency response[32]