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NRC Group Holdings posts higher fourth-quarter revenue

NRC Group Holdings Corp., a Great River environmental and waste management services company, Monday posted higher fourth-quarter revenue.

NRC reported that revenue increased 15 percent, year over year, to $107.3 million in the quarter ended Dec. 31.

The company swung to a net loss of $45.8 million, or $1.89 per diluted share, compared to net income of $7.7 million, or 35 cents per share, in the year-earlier quarter.

But excluding deal-related costs of $48 million, fourth quarter net income was $2.2 million or 9 cents per share, the company said in a news release. 

Shares of NRC rose 0.3 percent to close Monday at $9.

On Friday NRC agreed to purchase the assets of OIT Inc. for up to $13 million. OIT, based in North Pole, Alaska, is a provider of thermal treatments of sludges and nonhazardous, petroleum-contaminated soils.

The deal calls for NRC to play $6 million cash at closing, $2 million in cash and stock in deferred payments, plus up to $5 million over three years if the unit meets certain financial milestones.

The deal is expected to close in the second quarter of 2019.

National Response Corp. became a public company in October after its private equity parent, Manhattan-based J.F. Lehman & Co., sold the company to Hennessy Capital Acquisition Corp. III for $662.5 million. Under that deal, announced in June, Hennessy changed its name to NRC Group Holdings Corp.

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