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.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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