Perma-Fix Environmental Services Inc (NASDAQ:PESI) (FRA:PFX1) saw its revenue grow by 28% in its fourth quarter 2020 and 44% over the 2020 financial year, thanks to a strong Services Segment, according to its latest results released Monday.
Revenue during 4Q 2020 was $28.3 million versus $22.1 million for the same period last year, while sales from the Services Segment increased by $10.8 million to $22.6 million from $11.8 million for the same period in 2019.
Full-year revenue for 2020 increased 44% to $105.4 million versus $73.5 million for the same period last year, with the services Segment accounting for $75.3 million versus $33.1 million a year prior – a 128% increase.
READ: Perma-Fix achieves 3Q profit as revenue sees double-digit growth on strong Services Segment demand
In a statement, Perma-Fix CEO Mark Duff said the growth reflected “steady expansion of our Services Segment”, as it continued to execute on its strategic plan and business development initiatives.”
“The growth in our Services Segment was offset by weakness in our Treatment Segment, as previously disclosed, due in large part to the impact of the COVID-19 pandemic,” Duff said. “Although we continue to face some pandemic-related challenges in the first half of 2021, we remain optimistic about the outlook for the full year.”
Treatment Segment revenue decreased to $30.1 million versus $40.4 million for 2019.
'Actively bidding'
“Looking ahead, we are actively bidding on a number of very large service projects,” Duff added.
“Moreover, we are rapidly advancing several initiatives within the Treatment Segment that we believe have the potential to significantly enhance our revenues, while establishing increased market share and large backlog for waste processing. In particular, we are making continued progress at Hanford regarding opportunities to leverage our advanced capabilities to solve large-scale waste management problems at the site.”
Net income for FY 2020 increased to $2.9 million, or $0.24 per share for 2020, compared to net income of $2.3 million or $0.19 per share for 2019.
The company’s 4Q net loss narrowed to $10,000 compared to the $930,000 loss a year prior.
Perma-Fix is a nuclear services company and leading provider of nuclear and mixed waste management services.
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