EU and US could reach trade deal this weekend - Reuters
ATLANTA - Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) reported fourth quarter earnings that fell short of analyst expectations, though shares edged slightly higher following the release. The environmental and nuclear services company posted a wider loss amid project delays and lower waste volumes, but expressed confidence in its outlook for 2025.
For the fourth quarter ended December 31, 2024, Perma-Fix reported a loss of $0.22 per share, missing the analyst estimate for a loss of $0.11 per share. Revenue came in at $14.7 million, below the consensus forecast of $17.7 million and down from $22.7 million in the same quarter last year.
The company attributed the revenue decline to the completion of two large projects at the end of 2023 that were not replaced with similar value projects, as well as lower waste volume in its Treatment Segment. Gross profit fell to $594,000 from $4.3 million a year earlier.
Despite the disappointing results, Perma-Fix shares rose 1.7% following the earnings release, suggesting investors may be focusing on the company’s more optimistic outlook for 2025.
"While our financial performance in the fourth quarter of 2024 was impacted by ongoing yet temporary delays in project starts and waste receipts, we remain confident in the overall outlook and significant opportunities that lie ahead," said Mark Duff, President and CEO of Perma-Fix.
The company expects to return to growth and profitability in 2025, with a particularly strong second half anticipated as the U.S. Department of Energy’s Direct-Feed Low-Activity Waste program at Hanford ramps up. Perma-Fix also highlighted progress with its PFAS destruction technology and recent contract wins in nuclear services as positive catalysts going forward.
For the full year 2024, Perma-Fix reported a net loss of $20 million, or $1.33 per share, on revenue of $59.1 million. This compared to net income of $485,000, or $0.04 per share, on revenue of $89.7 million in 2023.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.