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Jun 30, 2022
Mistras Q2 2022 Earnings Report
Mistras's Q2 2022 performance saw a slight revenue increase, driven by growth in the Services segment, while facing challenges from project delays and cost pressures.
Key Takeaways
Mistras Group reported a slight increase in revenue for Q2 2022, with growth in the Services segment offset by declines in the International segment. The company faced challenges including project delays in the oil & gas sector and increased costs, but remains optimistic about improved performance in the second half of the year due to strong energy markets and growth in digital solutions.
Revenue increased by 0.8% to $179.0 million, or 3.2% excluding unfavorable foreign currency exchange impacts.
Net income was $4.6 million, resulting in earnings of $0.15 per diluted share.
Adjusted EBITDA was $18.3 million.
Free cash flow increased to $9.3 million, up 9.4% from the prior year period.
Revenue by Segment
Forward Guidance
The Company reaffirms its previously announced outlook for the full year 2022, that being revenue between $695 and $715 million, Adjusted EBITDA between $65 and $69 million and free cash flow between $27 and $30 million.
Positive Outlook
- Strong energy markets
- Improving commercial aerospace demand
- Robust industrial manufacturing
- Rapidly developing Data Solutions offering
- Continued rapid growth of digital solutions service offerings including OneSuite
Challenges Ahead
- Second quarter 2022 results were below the Company’s expectations
- Inflation remains an ongoing challenge
- Project delays in the Company’s oil & gas business
- Customers continue to defer projects, associated with high refinery utilization rates due to strong consumer demand.
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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