MEG - Why Montrose Environmental Group Stock Is Up Big Today
2024-02-29 11:04:05 ET
Environmental engineering and remediations company Montrose Environmental Group (NYSE: MEG) reported growth in the fourth quarter and sees 2024 coming in better than Wall Street had expected. Investors are cheering the results, sending shares of Montrose up 17% as of 10 a.m. Eastern.
Montrose works with government and commercial customers dealing with the challenges of environmental regulations and cleanups. The company earned $0.27 per share in the fourth quarter on revenue of $165.7 million, topping the consensus analyst estimate of $0.17 per share in earnings on sales of $160 million.
Revenue was up 18.8% year over year, including the impact of acquisitions. For the full year, Montrose generated sales of $624.2 million, up 14% from 2022.
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Why Montrose Environmental Group Stock Is Up Big Today