MISTRAS Q2 revenue $176M (-1.7% YoY); net income $0.3M vs $4.6M; guidance cut

Mistras Group, Inc.

Q2 revenue $176M, down 1.7% YoY; GAAP net income $0.3M vs $4.6M prior year.
Adjusted EBITDA $15.3M, down 16.4% from $18.3M; H1 Adj EBITDA up 7.9% to $25.7M.
Project Phoenix cost savings $6.2M annualized, $5.1M expected in 2023; SG&A cut $1.3M sequentially.
Updated 2023 guidance: revenue $700-720M, Adj EBITDA $68-71M, Free Cash Flow $23-25M.
Operating cash flow $18.3M H1, up 134.6%; gross debt $183.7M, down $5.6M in Q2.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Mistras Group, Inc. reported second quarter and six months ended June 30, 2023 results: revenue Revenue of $176.0 million, net income GAAP Net income of $0.3 million.

Period: second quarter and six months ended June 30, 2023
Revenue: Revenue of $176.0 million
Net income: GAAP Net income of $0.3 million
Result: reported results

Exact text from the filing

asset protection solutions, reported financial results for its second quarter and six months ended June 30, 2023. Highlights of the Second Quarter 2023* • Revenue of $176.0 million, down 1.7% • Gross profit of $49.7 million, with gross profit margin of 28.2% • GAAP Net income of $0.3 million, with Adjusted EBITDA of $15.3 million • Operating Cash Flow of

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Source: SEC EDGAR

accession 0001436126-23-000034

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