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Mistras Group, Inc. (NYSE:MG) Q2 2024 Earnings Conference Call August 1, 2024 9:00 AM ET Company Participants Manuel Stamatakis - Interim Chief Executive Officer Edward Prajzner - Chief Financial Officer Conference Call Participants Mitchell Pinheiro - Sturdivant & Co. Inc. Christopher Sakai - Singular Research John Franzreb - Sidoti & Company, LLC Operator Thank you for joining Mistras Group’s Conference Call for its Second Quarter Ended June 30, 2024. My name is Brianna, and I’ll be your event manager tod ...

Revenue Performance - Revenue for Q2 2024 was $189.8 million, an increase of $13.7 million, or 7.8%, compared to Q2 2023[107] - Revenue for the first half of 2024 was $374.2 million, an increase of $30.2 million, or 8.8%, compared to the first half of 2023[107] - North America segment revenue for Q2 2024 was $156.4 million, up 7.5% from Q2 2023, driven by increased sales in aerospace and defense and power generation[109] - International segment revenue for Q2 2024 was $34.3 million, a 13.2% increase compared to Q2 2023, primarily due to turnaround projects and growth in aerospace and defense[109] - Total revenue increased by 8.8% for the six months ended June 30, 2024, driven by increased sales volume, with North America segment revenue up 8.6% and international segment revenue up 12.8%[110] Profitability - Gross profit for Q2 2024 was $56.1 million, representing 29.6% of revenue, compared to 28.2% in Q2 2023[106] - Income from operations for Q2 2024 was $12.0 million, or 6.3% of revenue, compared to $3.9 million, or 2.2%, in Q2 2023[106] - Net income for Q2 2024 was $6.4 million, compared to a net income of $0.4 million in Q2 2023[106] - Gross profit increased by $11.4 million, or 11.9%, for the six months ended June 30, 2024, on an 8.8% increase in revenue[118] - Gross profit margin improved to 28.6% for the six months ended June 30, 2024, compared to 27.8% for the same period in 2023[121] - For the three months ended June 30, 2024, income from operations (GAAP) increased by $8.1 million to $18.7 million compared to the same period in 2023[126] - For the six months ended June 30, 2024, income from operations (GAAP) increased by $15.4 million to $32.3 million compared to the same period in 2023[127] - Income from operations before special items (non-GAAP) for the three months ended June 30, 2024, increased by $7.3 million to $18.9 million, representing a 360 basis point increase in margin to 6.6%[126] Cash Flow and Liquidity - The company had a cash balance of approximately $17.2 million as of June 30, 2024, indicating strong liquidity[102] - Net cash provided by operating activities for the six months ended June 30, 2024, was $5.1 million, a decrease of $13.2 million or 72% year-on-year[132] - Net cash used in investing activities for the six months ended June 30, 2024, was $11.2 million, compared to $9.8 million in the same period in 2023[133] - Net cash provided in financing activities was $5.3 million for the six months ended June 30, 2024, compared to net cash used of $11.2 million in the same period in 2023[134] - As of June 30, 2024, the company had cash and cash equivalents totaling $17.2 million and $102.5 million of unused commitments under its Credit Agreement[136] Operating Expenses - Operating expenses decreased by $4.0 million for the six months ended June 30, 2024, primarily due to reductions in prior year expenses[124] - Selling, general, and administrative expenses decreased by $2.2 million for the six months ended June 30, 2024, attributed to prior year reductions and favorable foreign currency exchange[124] Market Conditions - Ongoing geopolitical conflicts are causing disruptions in the oil and gas market, particularly affecting operations in Europe due to increased energy costs[101] - Oil and gas customer revenue accounted for approximately 58% of total revenue for the three months ended June 30, 2024, compared to 60% for the same period in 2023[110] - Upstream oil and gas customer revenue increased by approximately $5.2 million, or 7%, for the six months ended June 30, 2024, compared to the same period in 2023[112] - Downstream customer revenue rose by $14.3 million, or 18%, for the six months ended June 30, 2024, due to increased sales volume at customer refineries[113] - Field Services revenue increased by $35.1 million for the six months ended June 30, 2024, driven by higher sales volume in the oil and gas market[114] Customer Concentration - The company's top ten customers represented approximately 35% of total revenue for the six months ended June 30, 2024, consistent with the prior year[111] Taxation - The effective income tax rate for the six months ended June 30, 2024, was approximately 14.9%, down from 21.5% in the same period in 2023[129] Growth and Development - The company experienced overall organic growth during the six months ended June 30, 2024, along with decreased reorganization costs[127] - The company continues to enhance its asset protection solutions through the MISTRAS OneSuite platform, which integrates over 90 applications[100]

Exhibit 99.1 MISTRAS Announces Second Quarter 2024 and First Half 2024 Results Quarterly Revenue Growth of 7.8% driven by increases in all industries Significant Quarterly Gross Profit and Gross Profit Margin Growth across all segments Further Reductions in Quarterly Selling, General and Administrative expenses Quarterly Net Income of $6.4 million, with Quarterly Adjusted EBITDA (non-GAAP) of $22.1 million, an increase of 44.6% from the prior year period PRINCETON JUNCTION, N.J., July 31, 2024 (GLOBE NEWSWI ...

To listen to the live webcast of the conference call, visit the Investor Relations section of MISTRAS Group's website at www.mistrasgroup.com. Following the conference call, an archived webcast of the call will be available for one year by visiting the Investor Relations section of MISTRAS Group's website. 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 indust ...

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> Universal Electronics' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.04. Compared to the company's year-ago EPS, this represents a change of +33.3%. Universal Electronics currently boasts a Zacks Rank of #3 (Hold). Mistras (MG) shares ended the last trading session 5.4% higher at $9.91. The jump came on an impressive volum ...