Montrose Environmental Group announced its third quarter and first nine months results for 2024 on November 6, 2024, reporting record performance. Total revenue for the third quarter was $178.7 million, a 6.4% increase compared to the prior year quarter, driven by strong organic growth and $15.4 million from acquisitions.
The company reported a net loss of $10.6 million, or $0.39 per share, for the third quarter of 2024. Adjusted Net Income was $19.1 million, with Adjusted EPS of $0.41. Consolidated Adjusted EBITDA reached a record $28.3 million, representing 15.8% of revenue, an increase from 13.9% in the prior year quarter.
Montrose reaffirmed its full-year 2024 revenue guidance in the range of $690 million to $740 million and Consolidated Adjusted EBITDA guidance of $95 million to $100 million. The company also updated its strategic capital allocation priorities, emphasizing the near-term redemption of preferred equity and subsequent deleveraging. Cash used in operating activities for the first nine months was $9.7 million, primarily due to increased accounts receivable and contract assets, including delayed payments on a large U.S. government project.
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