MISTRAS Group, Inc. (NYSE: MG), a multinational provider of integrated technology-enabled asset protection solutions, announced its financial results for the third quarter and nine months ended September 30, 2024. The company reported a quarterly revenue growth of 1.9%, driven by continued strong performance in the International segment. The quarterly net income was $6.4 million, equating to $0.20 per diluted share. Additionally, the quarterly Adjusted EBITDA (non-GAAP) increased by 11.5%, reaching $23.3 million.
In the third quarter of 2024, MISTRAS Group recorded revenue of $182.7 million, indicating a 1.9% growth. The company’s gross profit expanded to $54.6 million, with a gross profit margin of 29.9%. Net income for the quarter was $6.4 million, translating to earnings per diluted share of $0.20. Adjusted EBITDA saw a significant upsurge of 11.5% to $23.3 million compared to the prior year period.
Manny Stamatakis, Interim Chief Executive Officer of MISTRAS Group, expressed satisfaction with the company’s performance, highlighting the growth in the International segment as a key driving factor. He also mentioned the strategic collaborations with key clients and ongoing cost discipline that bode well for the company’s future growth.
Edward Prajzner, Senior Executive Vice President and CFO, noted the improved results and enhanced operating leverage, leading to increased operating cash flow and free cash flow. The company has used its cash flow to reduce borrowings significantly and expects to fund organic growth initiatives with operating cash flow going forward.
MISTRAS Group revised its guidance for full-year 2024, adjusting the revenue range to $725-$730 million, the Adjusted EBITDA range to $80-$82 million, and the free cash flow range to $18-$22 million. The revisions were primarily due to market conditions, project timelines, and accounts receivable adjustments.
Looking ahead to 2025, MISTRAS Group anticipates meaningful growth in its net income, projecting a low double-digit expansion in Adjusted EBITDA and a low single-digit organic revenue growth. The company remains optimistic about its continued profitable growth and operational enhancements.
The company will hold a conference call on October 31, 2024, at 9:00 a.m. (Eastern) for further discussion of its financial results and outlook. The MISTRAS Group’s detailed financial information is available in its recent 8-K SEC filing.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mistras Group’s 8K filing here.
Mistras Group Company Profile
Mistras Group, Inc provides technology-enabled asset protection solutions in the United States, other Americas, Europe, and the Asia-Pacific. The company offers non-destructive testing services; inline inspection for pipelines; and plant condition management software. It also provides maintenance and light mechanical services, such as corrosion removal, mitigation and prevention, insulation installation and removal, electrical, heat tracing, industrial cleaning, pipefitting, and welding; engineering consulting services primarily for process equipment, technologies, and facilities; and utilizes scaffolding and rope access to access at-height and confined assets.
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