MISTRAS Announces Fourth Quarter and Full Year 2024 Results
MISTRAS Group (NYSE: MG) reported strong financial results for Q4 and full year 2024. The company achieved 3.4% revenue growth to $729.6 million for FY2024, with net income surging 208.6% to $19.0 million. Adjusted EBITDA increased 25.3% to $82.5 million.
Key highlights include: net cash from operations up 87.4% to $50.1 million, free cash flow increasing 775.9% to $27.1 million, and SG&A expenses decreasing 6.2% to $156.4 million. The Aerospace and Defense industry showed remarkable performance with a 13.0% revenue increase to $87.0 million.
Gross profit margin expanded to 29.2%, while the company reduced its gross debt to $169.6 million from $190.4 million year-over-year. The company has not provided full year guidance for 2025, citing potential foreign exchange risks and recently announced U.S. foreign tariffs impact assessment.
Il Gruppo MISTRAS (NYSE: MG) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024. L'azienda ha ottenuto una crescita del fatturato del 3,4%, raggiungendo i 729,6 milioni di dollari per l'anno fiscale 2024, con un utile netto che è aumentato del 208,6% a 19,0 milioni di dollari. L'EBITDA rettificato è aumentato del 25,3% a 82,5 milioni di dollari.
I punti salienti includono: il flusso di cassa netto dalle operazioni è aumentato dell'87,4% a 50,1 milioni di dollari, il flusso di cassa libero è aumentato del 775,9% a 27,1 milioni di dollari e le spese SG&A sono diminuite del 6,2% a 156,4 milioni di dollari. Il settore Aerospaziale e della Difesa ha mostrato una performance notevole con un aumento del fatturato del 13,0% a 87,0 milioni di dollari.
Il margine di profitto lordo è aumentato al 29,2%, mentre l'azienda ha ridotto il proprio debito lordo a 169,6 milioni di dollari, rispetto ai 190,4 milioni di dollari dell'anno precedente. L'azienda non ha fornito previsioni per l'intero anno 2025, citando potenziali rischi di cambio e la recente valutazione dell'impatto delle tariffe estere statunitensi.
El Grupo MISTRAS (NYSE: MG) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. La compañía logró un crecimiento de ingresos del 3.4%, alcanzando los 729.6 millones de dólares para el año fiscal 2024, con un ingreso neto que se disparó un 208.6% a 19.0 millones de dólares. El EBITDA ajustado aumentó un 25.3% a 82.5 millones de dólares.
Los aspectos destacados incluyen: el flujo de efectivo neto de las operaciones aumentó un 87.4% a 50.1 millones de dólares, el flujo de caja libre aumentó un 775.9% a 27.1 millones de dólares, y los gastos SG&A disminuyeron un 6.2% a 156.4 millones de dólares. La industria Aeroespacial y de Defensa mostró un rendimiento notable con un aumento de ingresos del 13.0% a 87.0 millones de dólares.
El margen de ganancia bruta se expandió al 29.2%, mientras que la compañía redujo su deuda bruta a 169.6 millones de dólares desde 190.4 millones de dólares en comparación con el año anterior. La compañía no ha proporcionado orientación para el año completo 2025, citando posibles riesgos de cambio de divisas y la reciente evaluación del impacto de los aranceles extranjeros de EE. UU.
미스트라스 그룹 (NYSE: MG)은 2024년 4분기 및 연간 강력한 재무 결과를 발표했습니다. 이 회사는 FY2024에 대해 3.4%의 매출 성장을 달성하여 7억 2960만 달러에 도달했으며, 순이익은 208.6% 증가하여 1900만 달러에 달했습니다. 조정된 EBITDA는 25.3% 증가하여 8250만 달러에 이르렀습니다.
주요 하이라이트로는 운영에서 발생하는 순 현금이 87.4% 증가하여 5010만 달러에 이르고, 자유 현금 흐름이 775.9% 증가하여 2710만 달러에 달하며, SG&A 비용이 6.2% 감소하여 1억 5640만 달러에 이릅니다. 항공우주 및 방산 산업은 13.0%의 매출 증가로 8700만 달러의 놀라운 성과를 보였습니다.
총 이익률은 29.2%로 확대되었으며, 회사는 총 부채를 1억 6960만 달러로 줄였습니다. 이는 전년 대비 1억 9040만 달러에서 감소한 수치입니다. 회사는 2025년 전체 연도에 대한 가이던스를 제공하지 않았으며, 외환 리스크와 최근 발표된 미국의 외국 세금 영향 평가를 언급했습니다.
Le Groupe MISTRAS (NYSE: MG) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année complète 2024. L'entreprise a enregistré une croissance du chiffre d'affaires de 3,4%, atteignant 729,6 millions de dollars pour l'exercice 2024, avec un bénéfice net en forte hausse de 208,6% à 19,0 millions de dollars. L'EBITDA ajusté a augmenté de 25,3% pour atteindre 82,5 millions de dollars.
Les points forts incluent : le flux de trésorerie net provenant des opérations a augmenté de 87,4% pour atteindre 50,1 millions de dollars, le flux de trésorerie libre a augmenté de 775,9% pour atteindre 27,1 millions de dollars, et les dépenses SG&A ont diminué de 6,2% pour s'établir à 156,4 millions de dollars. L'industrie aérospatiale et de défense a affiché une performance remarquable avec une augmentation du chiffre d'affaires de 13,0% pour atteindre 87,0 millions de dollars.
La marge brute s'est élargie à 29,2%, tandis que l'entreprise a réduit sa dette brute à 169,6 millions de dollars, contre 190,4 millions de dollars l'année précédente. L'entreprise n'a pas fourni de prévisions pour l'année 2025, invoquant des risques potentiels liés aux changes et une récente évaluation de l'impact des tarifs douaniers étrangers aux États-Unis.
Die MISTRAS Gruppe (NYSE: MG) hat starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Das Unternehmen erzielte ein Umsatzwachstum von 3,4% auf 729,6 Millionen US-Dollar für das Geschäftsjahr 2024, wobei der Nettogewinn um 208,6% auf 19,0 Millionen US-Dollar anstieg. Das bereinigte EBITDA erhöhte sich um 25,3% auf 82,5 Millionen US-Dollar.
Zu den wichtigsten Highlights gehören: der Netto-Cashflow aus dem operativen Geschäft stieg um 87,4% auf 50,1 Millionen US-Dollar, der freie Cashflow erhöhte sich um 775,9% auf 27,1 Millionen US-Dollar, und die SG&A-Ausgaben sanken um 6,2% auf 156,4 Millionen US-Dollar. Die Luft- und Raumfahrt- sowie Verteidigungsindustrie zeigte eine bemerkenswerte Leistung mit einem Umsatzanstieg von 13,0% auf 87,0 Millionen US-Dollar.
Die Bruttogewinnmarge erweiterte sich auf 29,2%, während das Unternehmen seine Bruttoverschuldung auf 169,6 Millionen US-Dollar von 190,4 Millionen US-Dollar im Vorjahr reduzierte. Das Unternehmen hat keine Prognose für das Jahr 2025 abgegeben und verweist auf potenzielle Wechselkursrisiken sowie auf die kürzlich angekündigte Bewertung der Auswirkungen von US-Zöllen.
- Net income surged 208.6% to $19.0 million
- Adjusted EBITDA up 25.3% to $82.5 million
- Free cash flow increased 775.9% to $27.1 million
- Aerospace & Defense revenue grew 13.0%
- SG&A expenses reduced by 6.2%
- Gross debt decreased by $20.8 million
- Gross profit margin expanded to 29.2%
- North America Q4 revenue down 7.5%
- No guidance provided for 2025
- Potential foreign exchange risks ahead
- Impact of new U.S. foreign tariffs uncertain
Insights
MISTRAS Group's full year 2024 results demonstrate significant financial improvement across multiple metrics, with 3.4% revenue growth to
The most striking achievement is the company's cash generation capability, with free cash flow surging
The company's diversification strategy is proving effective with growth across all reported segments and industries, particularly in Aerospace and Defense, which grew
The International segment showed consistent quarterly improvement throughout 2024, with full-year gross profit increasing
The lack of 2025 guidance warrants attention as management evaluates FX risks and potential tariff impacts. However, the company's focus on continued EBITDA growth and margin improvement, coupled with four consecutive quarters of net income growth, suggests the positive momentum is sustainable.
MISTRAS's 2024 performance reveals a textbook example of operational excellence driving financial outperformance. The
The company's cost calibration strategy has been remarkably effective, with SG&A as a percentage of revenue reduced by 220 basis points to
Working capital management shows significant improvement, particularly in accounts receivable reduction despite revenue growth. This operational efficiency directly contributed to the
The International segment's 230 basis point gross margin expansion demonstrates successful application of operational best practices across global operations. Meanwhile, the Products and Systems segment's transformation from marginal to substantial profitability shows the power of targeted efficiency improvements in smaller business units.
MISTRAS appears to have completed its operational restructuring phase (reorganization costs dropped from
Full year 2024 Revenue Growth of
Full year 2024 Adjusted EBITDA (non-GAAP) of
Full year 2024 Net Cash from Operations of
Full year 2024 Selling, General and Administrative expenses decreased
PRINCETON JUNCTION, N.J., March 05, 2025 (GLOBE NEWSWIRE) -- MISTRAS Group, Inc. (MG: NYSE), a leading "one source" multinational provider of integrated technology-enabled asset protection solutions, reported financial results for its fourth quarter and twelve months ended December 31, 2024.
Highlights of the Fourth Quarter 2024*
- Income from Operations of
$10.5 million - Net income of
$5.3 million and Earnings Per Diluted Share of$0.17 - Adjusted EBITDA of
$20.9 million , an increase of9.2% - Net Cash from Operations of
$25.7 million and Free Cash Flow of$20.8 million
Highlights of the Full Year 2024*
- Income from Operations of
$39.8 million - Net income of
$19.0 million and Earnings Per Diluted Share of$0.60 - Adjusted EBITDA of
$82.5 million , an increase of25.3% - Net Cash from Operations of
$50.1 million and Free Cash Flow of$27.1 million
* All comparisons are consolidated and versus the equivalent prior year period, unless otherwise noted. Please see the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about the non-GAAP financial measures set forth in tables attached to this press release.
Manny Stamatakis, Executive Chairman of the Board of Directors commented “I want to reflect on the life of Dr. Sotirios J. Vahaviolos, the Company’s Founder, Chairman Emeritus, and a Director on the Board of Directors, given his passing nearly one month ago on February 6, 2025. On behalf of the Board of Directors and the entire MISTRAS family I want to express our profound appreciation for the immeasurable contributions Dr. Vahaviolos made to our Company, our shareholders, and the communities we serve. A visionary leader and pioneer in the field of non-destructive testing (“NDT”) and acoustic emission (“AE”), Dr. Vahaviolos founded MISTRAS (originally Physical Acoustics Corporation) in 1978, and dedicated over four decades to building the Company into a global leader in testing, inspection, and asset protection solutions. His expertise, leadership, and commitment to excellence were instrumental in shaping the Company’s strategic direction and fostering a culture of innovation that remains at the core of MISTRAS today. His legacy will endure and live on as we move MISTRAS forward in his memory. Our Products and Systems segment, along with our NDT and AE services will remain essential competencies at the core of MISTRAS, enabling the Company to deliver on its overall mission and purpose.”
Mr. Stamatakis continued, “the Company’s consolidated fourth quarter results exceeded our annual revised guidance, with the bottom line expanding significantly, demonstrating the margin accretive actions that we have instituted into our business model. On a full year basis, revenue was up in all reported segments and across all of our industries that we serve, illustrating the increasing diversity of our growing end markets. Adjusted EBITDA was up over
Our income from operations of
Ms. Shuman commented, “I am honored to be leading MISTRAS into its next phase of growth, building on our strong foundation and driving meaningful value for all our stakeholders. I have spent my first sixty days on the job, actively talking to customers, being in the field at our In-house Laboratories meeting with employees, as well as discussing strategy with Manny, the Board of Directors and other stakeholders. Given the Company’s strong partnerships with our valuable customers, leading technologies, and committed management team, which come together to create a solid foundation that aligns with our long-term vision, I am very excited for our prospect of continued profitable growth heading into 2025 and beyond.”
Edward Prajzner, Senior Executive Vice President and Chief Financial Officer, commented, “due to our improved results and operating leverage, we generated
Full year 2024 consolidated revenue was
Full year 2024 gross profit increased to
SG&A for the full year 2024 was
Reorganization and other costs were
The Company reported net income of
Adjusted EBITDA was
Performance by certain segments during the fourth quarter was as follows:
North America segment fourth quarter 2024 revenue was
International segment fourth quarter 2024 revenue was
Products and Systems segment experienced a strong growth in profitability with a
Cash Flow and Balance Sheet
The Company’s net cash provided by operating activities was
The Company’s gross debt was
2025 Outlook
The Company is not providing full year guidance for fiscal 2025 at this juncture and will continue to review its entire portfolio with a focus on continuing to grow Adjusted EBITDA and earnings per share, and to improve margins. Additionally, the US Dollar to Euro exchange rate strengthened since the Company set its budget for 2025, and this unanticipated foreign exchange translation (“FX”) risk could unfavorably impact actual revenue translation in 2025. The Company believes this FX risk will be essentially neutral on Adjusted EBITDA margin and other profitability metrics. Nevertheless, the Company will be assessing this FX risk, as well as the potential impact of the recently announced U.S. foreign tariffs on its business and financial results for fiscal 2025. Once this evaluation is complete, the Company anticipates releasing guidance for fiscal 2025, with the goal of driving profitable growth.
Conference Call
In connection with this release, MISTRAS will hold a conference call on March 6, 2025, at 9:00 a.m. (Eastern).
To listen to the live webcast of the conference call, visit the Investor Relations section of MISTRAS’ website at www.mistrasgroup.com. Individuals wishing to participate may preregister at: https://register.vevent.com/register/BIf16da158e8294da5b6ef32a17c5655a8
Upon registering, a dial-in number and unique PIN will be provided to join the conference call. Following the conference call, an archived webcast of the event will be available for one year by visiting the Investor Relations section of MISTRAS’ website.
About MISTRAS Group, Inc. - One Source for Asset Protection Solutions®
MISTRAS Group, Inc. (NYSE: MG) is a leading "one source" multinational provider of integrated technology-enabled asset protection solutions, helping to maximize the safety and operational uptime for civilization’s most critical industrial and civil assets.
Backed by an innovative, data-driven asset protection portfolio, proprietary technologies, strong commitment to Environmental, Social, and Governance (ESG) initiatives, and a decades-long legacy of industry leadership, MISTRAS leads clients in the oil and gas, petrochemical, aerospace and defense, industrials, power generation and transmission (including alternative and renewable energy), other process industries and infrastructure, research and engineering and other industries towards achieving and maintaining operational excellence. By supporting these customers that help fuel our vehicles and power our society and inspecting components that are trusted for commercial, defense, and private space MISTRAS helps the world at large with its asset integrity risk mitigation.
MISTRAS enhances value for its clients by integrating asset protection throughout supply chains and centralizing integrity data through a suite of Industrial Internet of Things -connected digital software and monitoring solutions. The Company’s core capabilities also include non-destructive testing field and inspections enhanced by advanced robotics, laboratory quality control, laboratory materials services, in-house laboratory assurance testing, sensing technologies and NDT equipment, asset and mechanical integrity engineering services, and light mechanical maintenance and access services.
For more information about how MISTRAS helps protect civilization’s critical infrastructure and the environment, visit https://www.mistrasgroup.com/.
MEDIA CONTACT:
Nestor S. Makarigakis
Group Vice-President of Marketing and Communications
+1 (609) 716-4000 | marcom@mistrasgroup.com
Forward-Looking and Cautionary Statements
Certain statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, the impacts of foreign currency exchange risks and recently announced U.S. foreign tariffs on our business and financial results, costs savings and other benefits we expect to continue to realize from our previously announced Project Phoenix initiatives and additional operational and strategic actions that we expect or seek to take in furtherance of our strategies and activities to enhance our financial results and future growth. Such forward-looking statements relate to MISTRAS' financial results and estimates, products and services, business model, Project Phoenix initiatives, operational and strategic initiatives to improve operating leverage, strategy, growth opportunities, profitability and competitive position, and other matters. These forward-looking statements generally use words such as "future," "possible," "potential," "targeted," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict," "project," "will," "may," "should," "could," "would" and other similar words and phrases. Such statements are not guarantees of future performance or results and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved, if at all. These statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. A list, description and discussion of these and other risks and uncertainties can be found in the "Risk Factors" section of the Company's 2023 Annual Report on Form 10-K filed on March 11, 2024, as updated by our reports on Form 10-Q and Form 8-K. The forward-looking statements are made as of the date hereof, and MISTRAS undertakes no obligation to update such statements as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Measures
In addition to financial information prepared in accordance with generally accepted accounting principles in the U.S. (GAAP), this press release also contains adjusted financial measures that are not prepared in accordance with GAAP and that we believe provide investors and management with supplemental information relating to the Company’s operating performance and trends that facilitate comparisons between periods and with respect to trends and projected information. The term "Adjusted EBITDA" used in this release is a financial measure not calculated in accordance with GAAP and is defined by the Company as net income attributable to MISTRAS Group, Inc. plus: interest expense, provision for income taxes, depreciation and amortization, share-based compensation expense, certain acquisition related costs (including transaction due diligence costs and adjustments to the fair value of contingent consideration), foreign exchange (gain) loss, non-cash impairment charges, reorganization and other costs and, if applicable, certain additional special items which are noted. A reconciliation of Adjusted EBITDA to Net Income (Loss) as computed under GAAP is set forth in a table attached to this press release. The Company also uses the term “free cash flow”, a non-GAAP financial measure the Company defines as cash provided by operating activities less capital expenditures (which is classified as an investing activity). The Company additionally uses the terms:
“Segment and Total Company Income (Loss) from Operations (GAAP) to Income (Loss) from Operations before Special Items (non-GAAP)”, “Net Income (Loss) (GAAP) and Diluted EPS (GAAP) to Net Income Excluding Special Items (non-GAAP) and Diluted EPS Excluding Special Items (non-GAAP)” which reconciles the non-GAAP amounts to the GAAP financial measure. This press release also includes the term “net debt”, a non-GAAP financial measure which the Company defines as the sum of the current and long-term portions of long term debt, less cash and cash equivalents. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are also set forth in tables attached to this press release. Each of these non-GAAP financial measures has material limitations as a performance or liquidity measure and should not be considered alternatives to Net Income (Loss) or any other measures derived in accordance with GAAP. Because Income (loss) from operations before special items and other non-GAAP financial measures used in this press release may not be calculated in the same manner by all companies, these measures may not be comparable to other similarly-titled measures used by other companies.
| Mistras Group, Inc. and Subsidiaries Unaudited Consolidated Balance Sheets (in thousands, except share and per share data) | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| ASSETS | |||||||
| Current Assets | |||||||
| Cash and cash equivalents | $ | 18,317 | $ | 17,646 | |||
| Accounts receivable, net | 127,281 | 132,847 | |||||
| Inventories | 14,485 | 15,283 | |||||
| Prepaid expenses and other current assets | 12,387 | 14,580 | |||||
| Total current assets | 172,470 | 180,356 | |||||
| Property, plant and equipment, net | 80,892 | 80,972 | |||||
| Intangible assets, net | 39,708 | 43,994 | |||||
| Goodwill | 181,442 | 187,354 | |||||
| Deferred income taxes | 6,267 | 2,316 | |||||
| Other assets | 42,259 | 39,784 | |||||
| Total Assets | $ | 523,038 | $ | 534,776 | |||
| LIABILITIES AND EQUITY | |||||||
| Current Liabilities | |||||||
| Accounts payable | $ | 11,128 | $ | 17,032 | |||
| Accrued expenses and other current liabilities | 85,233 | 84,331 | |||||
| Current portion of long-term debt | 11,591 | 8,900 | |||||
| Current portion of finance lease obligations | 5,317 | 5,159 | |||||
| Income taxes payable | 1,656 | 1,101 | |||||
| Total current liabilities | 114,925 | 116,523 | |||||
| Long-term debt, net of current portion | 158,056 | 181,499 | |||||
| Obligations under finance leases, net of current portion | 15,162 | 11,261 | |||||
| Deferred income taxes | 1,973 | 2,552 | |||||
| Other long-term liabilities | 34,027 | 32,438 | |||||
| Total Liabilities | $ | 324,143 | $ | 344,273 | |||
| Equity | |||||||
| Preferred stock, 10,000,000 shares authorized | — | — | |||||
| Common stock, | 402 | 305 | |||||
| Additional paid-in capital | 250,832 | 247,165 | |||||
| Accumulated Deficit | (9,984 | ) | (28,942 | ) | |||
| Accumulated other comprehensive loss | (42,682 | ) | (28,336 | ) | |||
| Total Mistras Group, Inc. stockholders’ equity | 198,568 | 190,192 | |||||
| Non-controlling interests | 327 | 311 | |||||
| Total Equity | 198,895 | 190,503 | |||||
| Total Liabilities and Equity | $ | 523,038 | $ | 534,776 | |||
| Mistras Group, Inc. and Subsidiaries Unaudited Consolidated Statements of Income (Loss) (in thousands, except per share data) | |||||||||||||||
| For the quarter ended December 31, | For the year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 172,731 | $ | 182,073 | $ | 729,640 | $ | 705,473 | |||||||
| Cost of revenue | 115,358 | 122,365 | 492,928 | 477,671 | |||||||||||
| Depreciation | 6,047 | 6,081 | 23,603 | 23,995 | |||||||||||
| Gross profit | 51,326 | 53,627 | 213,109 | 203,807 | |||||||||||
| Selling, general and administrative expenses | 35,289 | 42,914 | 156,388 | 166,749 | |||||||||||
| Reorganization and other costs | 2,085 | 6,252 | 5,515 | 12,269 | |||||||||||
| Environmental expense | 872 | — | 1,660 | — | |||||||||||
| Legal settlement and litigation charges (benefit), net | — | 908 | (808 | ) | 1,058 | ||||||||||
| Goodwill impairment charges | — | — | — | 13,799 | |||||||||||
| Research and engineering | 303 | 295 | 1,119 | 1,723 | |||||||||||
| Depreciation and amortization | 2,237 | 2,548 | 9,407 | 10,104 | |||||||||||
| Acquisition-related expense, net | 1 | 4 | 2 | 9 | |||||||||||
| Income (loss) from operations | 10,540 | 706 | 39,826 | (1,904 | ) | ||||||||||
| Other income | (6 | ) | — | (1,485 | ) | — | |||||||||
| Interest expense | 3,883 | 4,668 | 17,067 | 16,761 | |||||||||||
| Income (loss) before provision (benefit) for income taxes | 6,663 | (3,962 | ) | 24,244 | (18,665 | ) | |||||||||
| Provision (benefit) for income taxes | 1,365 | (1,449 | ) | 5,274 | (1,220 | ) | |||||||||
| Net income (loss) | 5,298 | (2,513 | ) | 18,970 | (17,445 | ) | |||||||||
| Less: net income attributable to noncontrolling interests, net of taxes | 20 | 1 | 12 | 8 | |||||||||||
| Net income (loss) attributable to Mistras Group, Inc. | $ | 5,278 | $ | (2,514 | ) | $ | 18,958 | $ | (17,453 | ) | |||||
| Earnings (loss) per common share | |||||||||||||||
| Basic | $ | 0.17 | $ | (0.08 | ) | $ | 0.61 | $ | (0.58 | ) | |||||
| Diluted | $ | 0.17 | $ | (0.08 | ) | $ | 0.60 | $ | (0.58 | ) | |||||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 31,002 | 30,473 | 30,926 | 30,330 | |||||||||||
| Diluted | 31,660 | 30,473 | 31,608 | 30,330 | |||||||||||
| Mistras Group, Inc. and Subsidiaries Unaudited Operating Data by Segment (in thousands) | |||||||||||||||
| For the quarter ended December 31, | For the year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | |||||||||||||||
| North America | $ | 136,938 | $ | 148,035 | $ | 593,527 | $ | 579,330 | |||||||
| International | 34,998 | 33,750 | 135,969 | 124,414 | |||||||||||
| Products and Systems | 3,802 | 3,089 | 13,661 | 12,986 | |||||||||||
| Corporate and eliminations | (3,007 | ) | (2,801 | ) | (13,517 | ) | (11,257 | ) | |||||||
| Total | $ | 172,731 | $ | 182,073 | $ | 729,640 | $ | 705,473 | |||||||
| For the quarter ended December 31, | For the year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Gross profit | |||||||||||||||
| North America | $ | 38,866 | $ | 42,872 | $ | 165,679 | $ | 163,960 | |||||||
| International | 10,145 | 9,363 | 39,812 | 33,610 | |||||||||||
| Products and Systems | 2,293 | 1,684 | 7,526 | 6,457 | |||||||||||
| Corporate and eliminations | 21 | (294 | ) | 92 | (220 | ) | |||||||||
| Total | $ | 51,325 | $ | 53,625 | $ | 213,109 | $ | 203,807 | |||||||
| Gross profit as a % of Revenue | 29.7 | % | 29.5 | % | 29.2 | % | 28.9 | % | |||||||
| Mistras Group, Inc. and Subsidiaries Unaudited Revenues by Category (in thousands) |
Revenue by industry was as follows:
| Three Months Ended December 31, 2024 | North America | International | Products | Corp/Elim | Total | ||||||||||||||
| Oil & Gas | $ | 86,490 | $ | 10,474 | $ | 35 | $ | — | $ | 96,999 | |||||||||
| Aerospace & Defense | 14,959 | 5,693 | 20 | — | 20,672 | ||||||||||||||
| Industrials | 11,263 | 7,018 | 379 | — | 18,660 | ||||||||||||||
| Power Generation & Transmission | 8,082 | 1,612 | 285 | — | 9,979 | ||||||||||||||
| Other Process Industries | 6,221 | 4,853 | 147 | — | 11,221 | ||||||||||||||
| Infrastructure, Research & Engineering | 4,869 | 2,844 | 1,499 | — | 9,212 | ||||||||||||||
| Petrochemical | 2,970 | 234 | — | — | 3,204 | ||||||||||||||
| Other | 2,084 | 2,270 | 1,437 | (3,007 | ) | 2,784 | |||||||||||||
| Total | $ | 136,938 | $ | 34,998 | $ | 3,802 | $ | (3,007 | ) | $ | 172,731 | ||||||||
| Three Months Ended December 31, 2023 | North America | International | Products | Corp/Elim | Total | ||||||||||||||
| Oil & Gas | $ | 97,558 | $ | 10,324 | $ | 72 | $ | — | $ | 107,954 | |||||||||
| Aerospace & Defense | 14,484 | 4,817 | 11 | — | 19,312 | ||||||||||||||
| Industrials | 11,825 | 8,018 | 437 | — | 20,280 | ||||||||||||||
| Power Generation & Transmission | 5,764 | 1,769 | 578 | — | 8,111 | ||||||||||||||
| Other Process Industries | 8,129 | 3,889 | 39 | — | 12,057 | ||||||||||||||
| Infrastructure, Research & Engineering | 3,924 | 2,773 | 409 | — | 7,106 | ||||||||||||||
| Petrochemical | 3,189 | 329 | — | — | 3,518 | ||||||||||||||
| Other | 3,162 | 1,831 | 1,543 | (2,801 | ) | 3,735 | |||||||||||||
| Total | $ | 148,035 | $ | 33,750 | $ | 3,089 | $ | (2,801 | ) | $ | 182,073 | ||||||||
| Year ended December 31, 2024 | North America | International | Products | Corp/Elim | Total | ||||||||||||||
| Oil & Gas | $ | 376,333 | $ | 42,315 | $ | 275 | $ | — | $ | 418,923 | |||||||||
| Aerospace & Defense | 63,111 | 23,785 | 120 | — | 87,016 | ||||||||||||||
| Industrials | 44,310 | 25,498 | 1,857 | — | 71,665 | ||||||||||||||
| Power Generation and Transmission | 27,035 | 7,629 | 1,854 | — | 36,518 | ||||||||||||||
| Other Process Industries | 32,353 | 17,190 | 302 | — | 49,845 | ||||||||||||||
| Infrastructure, Research & Engineering | 19,155 | 10,606 | 3,400 | — | 33,161 | ||||||||||||||
| Petrochemical | 14,437 | 1,134 | — | — | 15,571 | ||||||||||||||
| Other | 16,793 | 7,812 | 5,853 | (13,517 | ) | 16,941 | |||||||||||||
| Total | $ | 593,527 | $ | 135,969 | $ | 13,661 | $ | (13,517 | ) | $ | 729,640 | ||||||||
| Year ended December 31, 2023 | North America | International | Products | Corp/Elim | Total | ||||||||||||||
| Oil & Gas | $ | 379,221 | $ | 36,615 | $ | 159 | $ | — | $ | 415,995 | |||||||||
| Aerospace & Defense | 56,000 | 20,711 | 286 | — | 76,997 | ||||||||||||||
| Industrials | 42,518 | 26,292 | 1,773 | — | 70,583 | ||||||||||||||
| Power Generation and Transmission | 23,598 | 6,609 | 3,767 | — | 33,974 | ||||||||||||||
| Other Process Industries | 33,035 | 14,456 | 112 | — | 47,603 | ||||||||||||||
| Infrastructure, Research & Engineering | 16,620 | 9,320 | 3,168 | — | 29,108 | ||||||||||||||
| Petrochemical | 13,216 | 1,216 | — | — | 14,432 | ||||||||||||||
| Other | 15,122 | 9,195 | 3,721 | (11,257 | ) | 16,781 | |||||||||||||
| Total | $ | 579,330 | $ | 124,414 | $ | 12,986 | $ | (11,257 | ) | $ | 705,473 | ||||||||
| Mistras Group, Inc. and Subsidiaries Unaudited Revenues by Category (continued) (in thousands) |
Revenue by Oil & Gas Sub-category was as follows:
| For the quarter ended December 31, | Year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Oil and Gas Revenue by sub-category | |||||||||||||||
| Upstream | $ | 39,790 | $ | 40,887 | $ | 167,741 | $ | 157,828 | |||||||
| Midstream | 20,401 | 26,539 | 88,630 | 101,278 | |||||||||||
| Downstream | 36,808 | 40,528 | 162,552 | 156,889 | |||||||||||
| Total | $ | 96,999 | $ | 107,954 | $ | 418,923 | $ | 415,995 | |||||||
Consolidated Revenue by type was as follows:
| For the quarter ended December 31, | For the year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Field Services | $ | 114,681 | $ | 121,932 | $ | 502,810 | $ | 470,433 | |||||||
| Shop Laboratories | 15,417 | 15,972 | 64,564 | 58,188 | |||||||||||
| Data Analytical Solutions | 17,353 | 19,542 | 69,152 | 72,457 | |||||||||||
| Other | 25,280 | 24,627 | 93,114 | 104,394 | |||||||||||
| Total | $ | 172,731 | $ | 182,073 | $ | 729,640 | $ | 705,472 | |||||||
| Mistras Group, Inc. and Subsidiaries Unaudited Reconciliation of Segment and Total Company Income (Loss) from Operations (GAAP) to Income (Loss) from Operations before Special Items (non-GAAP) (in thousands) | |||||||||||||||
| For the quarter ended December 31, | For the year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| North America: | |||||||||||||||
| Income from operations (GAAP) | $ | 12,544 | $ | 15,451 | $ | 62,286 | $ | 55,170 | |||||||
| Reorganization and other costs | 1,119 | 386 | 2,046 | 960 | |||||||||||
| Legal settlement and insurance (recoveries) charges, net | — | 908 | (808 | ) | 1,058 | ||||||||||
| Income before special items (unaudited, non-GAAP) | $ | 13,663 | $ | 16,745 | $ | 63,524 | $ | 57,188 | |||||||
| International: | |||||||||||||||
| Income (loss) from operations (GAAP) | $ | 1,727 | $ | 802 | $ | 6,275 | $ | (12,229 | ) | ||||||
| Goodwill Impairment charges | — | — | — | 13,799 | |||||||||||
| Reorganization and other costs | 676 | 123 | 1,086 | 351 | |||||||||||
| Income before special items (unaudited, non-GAAP) | $ | 2,403 | $ | 925 | $ | 7,361 | $ | 1,921 | |||||||
| Products and Systems: | |||||||||||||||
| Income from operations (GAAP) | $ | 1,031 | $ | 345 | $ | 2,510 | $ | 267 | |||||||
| Reorganization and other costs | — | 193 | 184 | 382 | |||||||||||
| Income before special items (unaudited, non-GAAP) | $ | 1,031 | $ | 538 | $ | 2,694 | $ | 649 | |||||||
| Corporate and Eliminations: | |||||||||||||||
| Loss from operations (GAAP) | $ | (4,762 | ) | $ | (15,892 | ) | $ | (31,245 | ) | $ | (45,112 | ) | |||
| Environmental expense | 872 | — | 1,660 | — | |||||||||||
| Reorganization and other costs | 290 | 5,550 | 2,199 | 10,576 | |||||||||||
| Acquisition-related expense, net | 2 | 4 | 2 | 9 | |||||||||||
| Loss before special items (unaudited, non-GAAP) | $ | (3,598 | ) | $ | (10,338 | ) | $ | (27,384 | ) | $ | (34,527 | ) | |||
| Total Company | |||||||||||||||
| Income (loss) from operations (GAAP) | $ | 10,540 | $ | 706 | $ | 39,826 | $ | (1,904 | ) | ||||||
| Goodwill Impairment charges | — | — | — | 13,799 | |||||||||||
| Reorganization and other costs | 2,085 | 6,252 | 5,515 | 12,269 | |||||||||||
| Legal settlement and insurance (recoveries) charges, net | — | 908 | (808 | ) | 1,058 | ||||||||||
| Environmental expense | 872 | — | 1,660 | — | |||||||||||
| Acquisition-related expense, net | 1 | 4 | 2 | 9 | |||||||||||
| Income before special items (unaudited, non-GAAP) | $ | 13,498 | $ | 7,870 | $ | 46,195 | $ | 25,231 | |||||||
| Mistras Group, Inc. and Subsidiaries Unaudited Summary Cash Flow Information (in thousands) | |||||||||||||||
| For the quarter ended December 31, | For the year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net cash provided by (used in): | |||||||||||||||
| Operating activities | $ | 25,658 | $ | 16,064 | $ | 50,129 | $ | 26,748 | |||||||
| Investing activities | (4,214 | ) | (6,963 | ) | (21,366 | ) | (22,133 | ) | |||||||
| Financing activities | (21,151 | ) | (5,867 | ) | (27,398 | ) | (7,706 | ) | |||||||
| Effect of exchange rate changes on cash | (2,336 | ) | 1,660 | (694 | ) | 249 | |||||||||
| Net change in cash and cash equivalents | $ | (2,043 | ) | $ | 4,894 | $ | 671 | $ | (2,842 | ) | |||||
| Mistras Group, Inc. and Subsidiaries Unaudited Reconciliation of Net Cash Provided by Operating Activities (GAAP) to Free Cash Flow (non-GAAP) (in thousands) | |||||||||||||||
| For the quarter ended December 31, | For the year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net cash provided by operating activities (GAAP) | $ | 25,658 | $ | 16,064 | $ | 50,129 | $ | 26,748 | |||||||
| Less: | |||||||||||||||
| Purchases of property, plant and equipment | (3,587 | ) | (6,451 | ) | (17,902 | ) | (20,854 | ) | |||||||
| Purchases of intangible assets | (1,252 | ) | (927 | ) | (5,084 | ) | (2,795 | ) | |||||||
| Free cash flow (non-GAAP) | $ | 20,819 | $ | 8,686 | $ | 27,143 | $ | 3,099 | |||||||
| Mistras Group, Inc. and Subsidiaries Unaudited Reconciliation of Gross Debt (GAAP) to Net Debt (non-GAAP) (in thousands) | |||||||
| For the year ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Current portion of long-term debt | $ | 11,591 | $ | 8,900 | |||
| Long-term debt, net of current portion | 158,056 | 181,499 | |||||
| Total Gross Debt (GAAP) | 169,647 | 190,399 | |||||
| Less: Cash and cash equivalents | (18,317 | ) | (17,646 | ) | |||
| Total Net Debt (non-GAAP) | $ | 151,330 | $ | 172,753 | |||
| Mistras Group, Inc. and Subsidiaries Unaudited Reconciliation of Net Income (Loss) (GAAP) to Adjusted EBITDA (non-GAAP) (in thousands) | |||||||||||||||
| For the quarter ended December 31, | For the year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) | $ | 5,298 | $ | (2,513 | ) | 18,970 | $ | (17,445 | ) | ||||||
| Less: Net income attributable to noncontrolling interests, net of taxes | 20 | 1 | 12 | 8 | |||||||||||
| Net income (loss) attributable to Mistras Group, Inc. | $ | 5,278 | $ | (2,514 | ) | $ | 18,958 | $ | (17,453 | ) | |||||
| Interest expense | 3,883 | 4,668 | 17,067 | 16,761 | |||||||||||
| Provision (benefit) for income taxes | 1,365 | (1,449 | ) | 5,274 | (1,220 | ) | |||||||||
| Depreciation and amortization | 8,284 | 8,629 | 33,010 | 34,099 | |||||||||||
| Share-based compensation expense | 957 | 1,498 | 5,071 | 5,147 | |||||||||||
| Goodwill Impairment charges | — | — | — | 13,799 | |||||||||||
| Reorganization and other related costs, net | 2,085 | 6,252 | 5,515 | 12,269 | |||||||||||
| Legal settlement and insurance recoveries, net | — | 908 | (808 | ) | 1,058 | ||||||||||
| Acquisition-related expense, net | 1 | 4 | 2 | 9 | |||||||||||
| Environmental expense | 872 | — | 1,660 | — | |||||||||||
| Other Income | (6 | ) | — | (1,485 | ) | — | |||||||||
| Foreign exchange (gain) loss | (1,784 | ) | 1,182 | (1,807 | ) | 1,331 | |||||||||
| Adjusted EBITDA | $ | 20,935 | $ | 19,178 | $ | 82,457 | $ | 65,800 | |||||||
| Mistras Group, Inc. and Subsidiaries Unaudited Reconciliation of Net Income (Loss) (GAAP) and Diluted EPS (GAAP) to Net Income Excluding Special Items (non-GAAP) and Diluted EPS Excluding Special Items (non-GAAP) (tabular dollars in thousands, except per share data) | |||||||||||||||
| For the quarter ended December 31, | For the year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) attributable to Mistras Group, Inc. (GAAP) | $ | 5,278 | $ | (2,514 | ) | $ | 18,958 | $ | (17,453 | ) | |||||
| Other Income | (6 | ) | — | (1,485 | ) | — | |||||||||
| Goodwill Impairment charges | — | — | — | 13,799 | |||||||||||
| Reorganization and other related costs, net | 2,085 | 6,252 | 5,515 | 12,269 | |||||||||||
| Environmental Expense | 872 | — | 1,660 | — | |||||||||||
| Legal settlement and insurance recoveries, net | — | 908 | (808 | ) | 1,058 | ||||||||||
| Acquisition-related expense, net | 1 | 4 | 2 | 9 | |||||||||||
| Special items total | 2,952 | 7,164 | 4,884 | 27,135 | |||||||||||
| Tax impact on special items | (704 | ) | (1,787 | ) | (1,168 | ) | (3,256 | ) | |||||||
| Special items, net of tax | $ | 2,248 | $ | 5,377 | $ | 3,716 | $ | 23,879 | |||||||
| Net income attributable to Mistras Group, Inc. Excluding Special Items (non-GAAP) | $ | 7,526 | $ | 2,863 | $ | 22,674 | $ | 6,426 | |||||||
| Diluted EPS (GAAP) | $ | 0.17 | $ | (0.08 | ) | $ | 0.60 | $ | (0.58 | ) | |||||
| Special items, net of tax | 0.07 | 0.18 | 0.12 | 0.79 | |||||||||||
| Diluted EPS Excluding Special Items (non-GAAP) | $ | 0.24 | $ | 0.10 | $ | 0.72 | $ | 0.21 | |||||||
FAQ
What was MISTRAS Group's (MG) revenue growth and net income for full year 2024?
How much did MISTRAS (MG) reduce its debt in 2024?
What was MISTRAS Group's (MG) performance in the Aerospace and Defense sector for 2024?
How much did MISTRAS (MG) improve its free cash flow in 2024?
