PERMAFIX ENVIRONMENTAL SERVICES INC Q2 EARNINGS REPORT
Intellectia.AI Updated: 1970-01-01
PERMA-FIX ENVIRONMENTAL SERVICES, INC. Q2 EARNINGS REPORT
Perma-Fix Environmental Services, Inc. (PESI) reported its financial results for the quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | QoQ Change | Consensus Estimates | Actual vs. Consensus |
|---|---|---|---|---|---|---|
| Total Revenue | $13.986M | $25.032M | -44.1% | -27.5% | $17.6M | -20.6% |
| Earnings Per Share (EPS) | $-0.22 | $0.07 | -$0.29 | -$0.14 | $-0.08 | -$0.14 |
Interpretation : Perma-Fix reported significant declines with total revenue decreasing by 44.1% year-over-year (YoY) to $13.986 million, missing the consensus estimate of $17.6 million by 20.6%. The company posted an earnings per share of -$0.22, which also fell short of the consensus estimate of -$0.08.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Treatment | $8.343M | $12.834M | -35.0% |
| Services | $5.643M | $12.198M | -53.7% |
Interpretation : The Treatment Segment revenue decreased by 35% due to lower waste volume and temporary equipment failure, while the Services Segment experienced a more significant decline of 53.7%, attributed primarily to slower project mobilization and delays.
Summary of Comments from Company Officers
The company attributed its disappointing financial performance to ongoing procurement delays, project initiation issues, and a temporary failure of waste processing equipment. The backlog is expected to be addressed once the equipment is operational again in August. They remain hopeful for improvement in the second half of the year, with a focus on significant procurements and continuing to invest in new technologies, including the destruction of PFAS (Per- and polyfluoroalkyl substances).
Announced Dividends or Share Repurchase Programs
There were no announcements regarding dividends or share repurchase programs for this quarter.
Forward Guidance
Perma-Fix did not provide explicit forward guidance in this earnings release.
Stock Price Movement
After the earnings release, PESI's stock price fell by -1.53%.
Conclusion : The results indicate a challenging quarter for Perma-Fix Environmental Services, Inc., with significant year-over-year revenue declines and earnings falling short of analyst expectations. The company faces ongoing operational hurdles but remains committed to addressing current issues and investing in growth opportunities.
The report has been organized for clarity and conciseness.
