MATTR CORP - MTTRF STOCK NEWS

Mattr Corp. reported its Q2 2024 financial results:

• Consolidated revenue was $254 million, operating income from Continuing Operations was $29 million, and Adjusted EBITDA was $43 million
• Composite Technologies segment revenue reached a new quarterly record of $153 million
• Connection Technologies segment revenue was $89 million
• Net Income was $2.1 million with fully diluted EPS of $0.03 and Adjusted EPS of $0.31

The company made progress on its North American production expansion strategy, with two new facilities starting production. However, it now expects Q3 2024 Adjusted EBITDA to be below Q2 levels due to changes in revenue mix and project timing. Mattr remains confident in long-term market trends and continues executing its growth investments.

Mattr Corp. (TSX: MATR) has announced its upcoming financial results release and conference call schedule. The company will report its second quarter 2024 financial results on Thursday, August 8th, 2024 after the TSX market closes. A conference call and webcast to discuss these results is scheduled for Friday, August 9th, 2024 at 9:00am ET.

Mattr, a global materials technology company, focuses on critical infrastructure markets including transportation, communication, water management, energy, and electrification. The company operates through two business segments: Composite Technologies and Connection Technologies, aiming to enable responsible renewal and enhancement of critical infrastructure while lowering risk.

Mattr Corp. (TSX: MATR) has successfully completed two new Composite Technologies manufacturing facilities, on time and on budget. The $60 million investment includes a Flexpipe® facility in Rockwall, Texas, and a Xerxes® facility in Blythewood, South Carolina. Both sites began production in early July 2024, initially equipped with 50% of their ultimate capacity. These facilities are expected to reach normalized production levels by 2026 and potentially generate over $100 million in incremental annual revenue.

The company has also invested in additional modernization and expansion projects, including a dedicated storm water chamber production line, expansion of Xerxes production in Edmonton, and modernization of the Seguin, Texas site. Mattr anticipates these enhancements will improve output, efficiency, and segment margins over time. The Connection Technologies segment is also undergoing relocation and modernization, with new sites in Fairfield, Ohio, and Vaughan, Ontario, expected to be completed by mid-2025.

Mattr Corp. announced the renewal of its Normal Course Issuer Bid (NCIB), approved by the Toronto Stock Exchange, allowing the company to repurchase up to 4,982,824 common shares, or roughly 10% of its public float. The NCIB will start on June 28, 2024, and may last up to a year, aiming to boost shareholder value by reducing the share count. Mattr has 66,372,274 common shares outstanding and will fund the repurchases using its existing cash resources. The company has also entered into an automatic share purchase plan with a broker to facilitate repurchases during blackout periods. The previous NCIB saw the repurchase of 3,442,233 shares at an average price of $15.1591 per share.

Mattr Corp. (TSX: MATR) reported the results of its Annual Meeting held virtually on May 15, 2024. A total of 49,829,154 common shares were voted, representing 75.11% of all outstanding shares. Shareholders approved all items on the agenda, including the election of the Board of Directors. The nominees received overwhelming support, with each receiving over 99% of the votes in favor. Newly elected director Marvin Riley was welcomed, while outgoing director Derek Blackwood was thanked for his years of service. Mattr is a global materials technology company serving critical infrastructure markets through its Composite Technologies and Connection Technologies segments. Detailed voting results are available on SEDAR+.

Mattr Corp. (TSX: MATR) reported its Q1 2024 results, highlighting consolidated revenue of $224 million, operating income of $8 million, and Adjusted EBITDA of $30 million. The Composite Technologies segment saw a 10% revenue decrease to $119 million, while the Connection Technologies segment experienced a 4% drop to $91 million. Mattr posted a net loss of $0.2 million and Adjusted EPS of $0.16. Following the quarter, Mattr issued $175 million in senior unsecured notes at 7.25% to redeem outstanding 9.0% notes and extend its $300 million credit facility to 2028. CEO Mike Reeves noted expected revenue and Adjusted EBITDA improvements in Q2 and Q3 2024, despite ongoing one-time MEO costs. The company remains focused on high-value solutions and infrastructure expansion, with anticipated growth in revenue and profitability for the year.