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Sep 30, 2022
Montrose Q3 2022 Earnings Report
Montrose announced third quarter results, with revenue impacted by lower COVID-19 related services but offset by strong organic growth.
Key Takeaways
Montrose Environmental Group reported a decrease in revenue for Q3 2022 compared to the prior year, primarily due to lower demand for COVID-19 related services. However, the company experienced strong organic growth in its Measurement and Analysis and Remediation and Reuse segments. The company is maintaining its full year revenue and Consolidated Adjusted EBITDA outlook.
Total revenue was $130.3 million, compared to $132.6 million in the prior year quarter.
Net loss was $(5.7) million, or a loss of $(0.33) per share, compared to net income of $2.2 million, or a loss of $(0.07) per share, in the prior year quarter.
Adjusted Net Income was $7.8 million, and Adjusted Net Income per Share was $0.12.
Consolidated Adjusted EBITDA was $17.1 million, compared to $20.3 million in the prior year quarter.
Forward Guidance
The Company is maintaining the same midpoint of its revenue guidance and tightening the range to $535.0 million to $555.0 million. The Company also continues to expect Consolidated Adjusted EBITDA to be in the range of $68.0 million to $73.0 million for the full year 2022.
Historical Earnings Impact
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