Business
Quest Resource Holding Corporation Reports First Quarter 2021 Financial Results
THE COLONY, Texas, May 17, 2021 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (NASDAQ: QRHC) ("Quest"), a national leader in environmental waste and
About this update from Quest Resource Holding Corporation
[{"type":"text","content":"THE COLONY, Texas, May 17, 2021 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (NASDAQ: QRHC) (\"Quest\"), a national leader in environmental waste and recycling services, today announced financial results for the first quarter ended March 31, 2021. First Quarter 2021 Highlights Revenue was $35.1 million, a 38.6% increase compared with the first quarter of 2020.Gross profit was $6.4 million, a 41.8% increase compared with the first quarter of 2020.Gross margin was 18.3% of revenue compared with 17.9% during the first quarter of 2020.Net income per share attributable to common stockholders was $0.06, compared with a net loss per share of $(0.02) per share during the first quarter of 2020.Adjusted EBITDA was $2.6 million, a quarterly record and a 390% increase compared with the first quarter of 2020. “This year is off to a great start with growth from new and existing customers, significantly driven by an increase in waste volumes with customers, particularly in the industrial end market as their activity levels accelerated to make up for COVID-related constraints experienced last year. These increases more than offset the impact of the pandemic-led economic downturn in the automotive service and restaurant end markets. Comparisons also benefited from a full quarter of contribution from the Green Remedies acquisition we completed last October. Importantly, we demonstrated the operating leverage in our business model while driving 390% improvement in Adjusted EBITDA,” said S. Ray Hatch, President and Chief Executive Officer. “While we expect the increase in the industrial activity may fluctuate in the coming quarters, activity levels in those end markets that were hardest hit by the pandemic continue to improve and we anticipate showing improvements in year-over-year financial results for the balance of the year.” First Quarter 2021 Earnings Conference Call and Webcast Quest will conduct a conference call Monday, May 17, 2021, at 5:00 PM ET, to review the financial results for the first quarter ended March 31, 2021. Investors interested in participating on the live call can dial 1-866-548-4713 within the U.S. or 1-323-794-2093 from abroad, referencing conference ID: 1559471. The conference call, which may include forward-looking statements, is also being webcast and is available via the investor relations section of Quest’s...