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Mar 31, 2021
Montrose Q1 2021 Earnings Report
Montrose Environmental Group announced results for the first quarter ended March 31, 2021, with a significant increase in revenue and improved profitability.
Key Takeaways
Montrose Environmental Group reported a strong first quarter in 2021, with revenue increasing by 119.3% to $133.8 million and a net loss of $11.6 million. The company's Adjusted EBITDA increased by 202.5% to $16.8 million, with the Adjusted EBITDA margin improving to 12.6%.
Total revenue increased by 119.3% compared to the prior year quarter, reaching $133.8 million.
Net loss improved to $11.6 million compared to a net loss of $41.2 million in the prior year quarter.
Adjusted EBITDA increased by 202.5% compared to the prior year quarter, reaching $16.8 million.
Adjusted EBITDA margin improved to 12.6% compared to 9.1% in the prior year quarter.
Forward Guidance
The Company expects full year 2021 Adjusted EBITDA to be in the range of $63.0 million to $70.0 million, which is increased from its prior full year 2021 guidance of $61.0 million to $67.0 million in Adjusted EBITDA.
Positive Outlook
- Anticipated year-over-year revenue growth in excess of 20.0% at the mid-point.
- Outlook based on a combination of mid-to-high single digit organic growth plus the contribution of completed acquisitions.
- Expect to continue adding strategically and financially accretive acquisitions
- Strong start to the year
- Strength across its segments
Challenges Ahead
- The outlook does not include any benefit from future acquisitions that have not yet been completed.
- Demand for environmental services does not follow fiscal quarter patterns, the Company’s business is best assessed on yearly results.
- Cannot reconcile projection of Adjusted EBITDA to net income (loss)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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