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Mar 31, 2021
Mistras Q1 2021 Earnings Report
Mistras Group's first quarter 2021 results were announced, with revenue aligning with expectations and profitability improving.
Key Takeaways
Mistras Group reported a 3.6% decrease in revenue to $153.8 million compared to the prior year, which was in line with the company's outlook. The net loss decreased to $5.4 million, and adjusted EBITDA increased by 30.2% to $7.0 million. The company expects revenue to increase in the low to mid-thirty percent range in the second quarter of 2021.
Revenue of $153.8 million, showing growth in Energy, Other Process Industries, and Infrastructure markets.
Gross profit margin expanded by 50 basis points to 26.0%.
Services segment operating income was $4.5 million, or $6.5 million on a non-GAAP basis, a 55.6% increase.
Net loss decreased to $5.4 million, with Adjusted EBITDA up 30.2% to $7.0 million.
Revenue by Segment
Forward Guidance
The Company expects annual revenue for 2021 to be higher than in 2020. The Company anticipates that its quarterly revenue will reflect year-on-year improvement commencing in the second quarter of 2021, with revenue expected to increase as much as in the low to mid-thirty percent range, over the second quarter of 2020. The Company also anticipates that Adjusted EBITDA will expand at a much greater rate in the second quarter of 2021.
Positive Outlook
- Restoration of top line growth is expected.
- Disciplined expense management will enable leveraging revenue growth into improved bottom line performance.
- Quarterly revenue is expected to reflect year-on-year improvement commencing in the second quarter of 2021.
- Revenue is expected to increase as much as in the low to mid-thirty percent range in Q2 2021.
- Adjusted EBITDA will expand at a much greater rate in the second quarter of 2021.
Challenges Ahead
- COVID-19 pandemic continues to impact domestic and international operations.
- Energy prices and demand are currently stable, the ongoing COVID-19 pandemic continues to impact the Company’s two largest markets, Oil & Gas and Aerospace.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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