Shares of Onterris Inc., previously known as Montrose Environmental Group, fell 19% after first-quarter results missed analyst expectations.
The company, which has many of its executives in Irvine, reported an adjusted profit of 12 cents a share on sales of $168.5 million. Analysts expected a profit of 14 cents a share on sales of $182.4 million, according to Zacks Research.
Shares fell to $17.76 per share, with a $642 million market cap today (NYSE: ONT).
“First quarter revenue was impacted by timing-related factors, most notably unseasonably severe winter weather in North America that limited field activity and delayed lab volumes, as well as lower environmental emergency response activity,” Chief Executive Vijay Manthripragada said in a statement.
The company changed its name on April 17 to Onterris, combining “on,” symbolizing motion and intent, with “terris,” meaning earth.
