MISTRAS Q3 net loss $10.3M; lowers 2023 guidance; Project Phoenix targets $30M 2024 benefit

Mistras Group, Inc.

Q3 revenue $179.4M (+0.5% YoY); net loss $10.3M from $13.8M goodwill impairment in International segment.
GAAP diluted EPS -$0.34; adjusted EPS ex special items $0.18; Adj. EBITDA $20.9M (+12.5% YoY).
2023 guidance lowered: revenue $695-705M, Adj. EBITDA $65-68M, free cash flow $7-10M.
Project Phoenix to deliver ~$24M annual cost savings by 2024; $9M realized in 2023; strategic pricing adds $1M revenue in 2023.
Preliminary 2024 outlook: single-digit revenue growth; Adj. EBITDA >$88M (all-time high) from Project Phoenix and pricing.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Mistras Group, Inc. reported third quarter 2023 results: revenue $179.4 million, net income Net loss of $10.3 million, EPS $(0.34) per diluted share.

Period: third quarter 2023
Revenue: $179.4 million
Net income: Net loss of $10.3 million
EPS: $(0.34) per diluted share
Result: reported results

Exact text from the filing

For the third quarter of 2023, consolidated revenue was $179.4 million, a 0.5% increase. Third quarter revenue reflects growth in all sub-categories of Oil & Gas, in addition to continued strength in the Company’s key growth areas, particularly Commercial Aerospace and Data Analytical Solutions markets offset by softness in the Power Generation & Transmission and Other Process Industries due to project timing. Third quarter 2023 gross profit increased 1.1% with gross profit margin expanding 20 basis points, as compared to the prior year period. The improvement in gross margin to 30.3% was primarily due to a favorable sales mix and lower healthcare expenses. Gross profit margin was up 210 basis points sequentially from the second quarter of 2023, driven by an improved revenue mix. Selling, general and administrative expenses (“SG&A”) in the third quarter of 2023 were $39.5 million, down 3.0% compared to $40.8 million in the third quarter of 2022 and were also down 4.7% sequentially from

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Source: SEC EDGAR

accession 0001436126-23-000049

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