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Sep 30, 2023
Mistras Q3 2023 Earnings Report
Reported revenue increase and adjusted EBITDA growth, driven by commercial aerospace and data analytical solutions markets, with ongoing Project Phoenix initiatives leading to further SG&A reductions.
Key Takeaways
MISTRAS Group reported a slight increase in revenue for Q3 2023, alongside a significant rise in Adjusted EBITDA. The company's gross profit margin also saw improvement. Net loss was impacted by a non-cash goodwill impairment charge and reorganization costs. Project Phoenix is expected to yield substantial cost savings in 2024.
Revenue increased by 0.5% to $179.4 million.
Gross profit margin improved by 20 basis points to 30.3%.
Adjusted EBITDA increased by 12.5% to $20.9 million.
The company anticipates a modest single digit revenue growth in 2024, yet a significant expansion in Adjusted EBITDA.
Revenue by Segment
Forward Guidance
The Company anticipates a modest single digit revenue growth in 2024, yet a significant expansion in Adjusted EBITDA, attributable to operating leverage and the ongoing benefits of Project Phoenix. We believe this will result in an all-time high in Adjusted EBITDA in fiscal 2024 of greater than $88 million. This outlook includes approximately $20 million in incremental benefit from Project Phoenix in 2024.
Positive Outlook
- Modest single digit revenue growth in 2024
- Significant expansion in Adjusted EBITDA
- Operating leverage
- Ongoing benefits of Project Phoenix
- All-time high in Adjusted EBITDA in fiscal 2024 of greater than $88 million
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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