Montrose Environmental Group, Inc. ("Montrose") has recently acquired Engineering & Technical Associates, Inc. ("ETA"), a leader in process safety management. This acquisition is expected to be highly additive to Montrose's current environmental, health, safety & security advisory offerings. As a result of the acquisition and the company's continued strong organic performance, Montrose has raised its full-year 2024 revenue and consolidated adjusted EBITDA guidance.
The 2024 revenue is now expected to be in the range of $690 million to $740 million, up from the previous range of $675 million to $725 million. Similarly, the 2024 consolidated adjusted EBITDA is expected to be in the range of $95 million to $100 million, up from the previous range of $90 million to $95 million. Importantly, these outlooks do not include any benefit from future acquisitions.
Vijay Manthripragada, President and CEO of Montrose, attributes the improved outlook to strong execution against cross-selling initiatives and plans. He commended the company's colleagues for their teamwork, collaboration, and client service, which have manifested in the improved financial performance and continued value creation.
Montrose, with approximately 3200 employees across 100+ locations worldwide, is focused on supporting commercial and government organizations in dealing with current challenges and preparing for the future. The company combines deep local knowledge with an integrated approach to design, engineering, and operations to effectively and efficiently respond to the unique requirements of each project.
Following these announcements, the company's shares moved 7.7%, and are now trading at a price of $42.43. If you want to know more, read the company's complete 8-K report here.
