The following is a summary of the Montrose Environmental Group, Inc. (MEG) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Montrose Environmental Group reported second quarter 2024 revenue of $173.3 million, increasing 8.9% year-over-year with first-half revenues of $328.7 million, up 13.1% from the prior year.

• Consolidated adjusted EBITDA reached a record $23.3 million for the quarter, representing 13.5% of revenue, and $40.2 million for the first half, amounting to 12.2% of revenue.

• The company reaffirmed its full year 2024 revenue guidance of $690 million to $740 million, and adjusted EBITDA guidance of $95 million to $100 million.

Business Progress:

• Acquisitions continue to strategically expand Montrose's footprint, including the recent purchases of Paragon and Spirit Environmental, enhancing their services in Canada and the U.S.

• The company demonstrated strong organic and acquisition-driven growth, particularly in environmental consulting, engineering services, and air permitting.

• Montrose's revenue growth in the 'Remediation and Reuse' segment was boosted through the acquisition of Matrix and growth in soil and groundwater remediation business.

Opportunities:

• Regulatory changes in particular have presented opportunities for Montrose, especially around PFAS regulations that open access to a $200 billion addressable market.

• Demand from local and state regulatory bodies is expected to increase, a response to recent U.S. Supreme Court decisions, which may limit federal regulatory powers and place more emphasis on state and local governance.

Risks:

• Environmental emergency response revenues saw a decline, which can impact the company's periodic financial results given the non-recurrent nature of emergency events.

More details: Montrose Environmental IR

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