Mistras Q3 2023 Earnings Report
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.
Mistras
Mistras
Mistras 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