Montrose Group logs $13M loss in quarter

Montrose Environmental Group Inc. earlier this week reported a first quarter loss of $13.4 million, or 53 cents per share compared with a loss of $14.7 million, or 63 cents per share, a year ago.

The North Little Rockbased company said that adjusted for one-time gains and costs, earnings per share was 16 cents.

The results topped Wall Street expectations.

The company posted revenue of $155.3 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $152.6 million. The company reported revenue of $131 million for the same quarter a year ago.

Montrose Environmental said it expects full-year revenue in the range of $690 million to $740 million.

“The momentum in our business continues as we start 2024 with solid first quarter results,” Montrose Chief Executive Officer and Director Vijay Manthripragada said in the Tuesday report. “Our organic growth and outlook remain very strong, and our cadence of strategic acquisitions has increased … we foresee a steady acceleration in customer activity across all elements of our business.”

Montrose Environmental Group has more than 3,500 employees working in 90 offices in the United States, Canada, Europe and Australia, according to the company web site.