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Mar 31, 2024
Mistras Q1 2024 Earnings Report
Mistras Group reported a strong start to the year, marked by revenue growth, improved profitability, and progress in strategic initiatives.
Key Takeaways
Mistras Group reported a revenue increase of 9.8% to $184.4 million, alongside a net income of $1.0 million, a significant improvement from the previous year's net loss. Adjusted EBITDA also saw a substantial rise of 55.1% to $16.2 million, driven by revenue growth and cost management through Project Phoenix.
Revenue increased by 9.8% to $184.4 million, the highest Q1 revenue since 2018.
Net income improved to $1.0 million, a significant recovery from a $5.0 million net loss in the prior year.
Adjusted EBITDA rose by 55.1% to $16.2 million, the highest Q1 result historically.
Gross profit increased by 10.9% with a gross profit margin of 27.7%, driven by improved operating leverage and aerospace growth.
Mistras
Mistras
Mistras Revenue by Segment
Mistras Revenue by Geographic Location
Revenue by Segment
North America Revenue
CapyFin.comInternational Revenue
CapyFin.comProducts and Systems Revenue
CapyFin.comCorporate and Eliminations Revenue
CapyFin.comRevenue by Geographic Location
Oil & Gas Revenue
CapyFin.comAerospace & Defense Revenue
CapyFin.comIndustrials Revenue
CapyFin.comPower Generation & Transmission Revenue
CapyFin.comOther Process Industries Revenue
CapyFin.comInfrastructure, Research & Engineering Revenue
CapyFin.comPetrochemical Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
The Company reaffirms the 2024 full year guidance previously provided.
Positive Outlook
- Full year Revenue between $725 and $750 million
- Adjusted EBITDA between $84 and $89 million
- Free cash flow between $34 and $38 million
- Strategic investments in the business to expand proprietary technologies and extensive knowledge
- Commitment and focus of employees to deliver high quality results and best in class customer service
Challenges Ahead
- Room for improvement in increasing free cash flow generation
- Working capital challenges related to customer invoicing timing
- Increase in capital expenditures compared to the prior year
- Healthcare claims expense partially offsetting gross margin improvements
- Reorganization costs related to Project Phoenix efficiency initiatives
Revenue & Expenses
Visualization of income flow from segment revenue to net income