Mistras (US:MG)2025-03-05 21:25Revenue and Income Growth - Full year 2024 revenue increased by 3.4% to $729.6 million, with growth across all reported segments and industries[6] - Net income for full year 2024 rose by 208.6% to $19.0 million, translating to earnings per diluted share of $0.60[1][9] - Adjusted EBITDA for full year 2024 was $82.5 million, reflecting a 25.3% increase compared to the prior year[10] - Total revenue for the year ended December 31, 2024, was $729,640,000, an increase from $705,473,000 in 2023, representing a growth of approximately 3.5%[37] - Net income for the year ended December 31, 2024, was $18,970,000, compared to a net loss of $17,445,000 in 2023, showing a turnaround in profitability[49] - Adjusted EBITDA for the year ended December 31, 2024, was $82,457,000, up from $65,800,000 in 2023, reflecting an increase of about 25.2%[49] Cash Flow and Operations - Net cash from operations for full year 2024 reached $50.1 million, an increase of 87.4%, while free cash flow surged by 775.9% to $27.1 million[1][14] - Free cash flow for the year ended December 31, 2024, was $27,143,000, significantly higher than $3,099,000 in 2023, marking an increase of approximately 775%[45] - Cash provided by operating activities for the year ended December 31, 2024, was $50,129,000, compared to $26,748,000 in 2023, an increase of about 87.5%[43] - The company reported a free cash flow of $18.970 million for the year ended December 31, 2024, compared to a negative free cash flow of $17.445 million in 2023[30] Segment Performance - The Aerospace and Defense industry saw a significant revenue increase of 13.0% to $87.0 million for full year 2024[6] - The International segment reported a revenue increase of 3.6% to $35.0 million in Q4 2024, with a full year gross profit increase of 18.5%[12] - The Products and Systems segment experienced a revenue growth of 5.2% to $13.7 million, with income from operations increasing by 840.1% to $2.5 million[13] - Oil & Gas segment revenue for 2024 was $418,923,000, slightly up from $415,995,000 in 2023, indicating a growth of about 0.5%[39] Expenses and Liabilities - Selling, General and Administrative expenses decreased by 6.2% to $156.4 million, representing 21.4% of revenue, a reduction of 220 basis points[8] - The company’s accumulated deficit improved to $(9.984) million as of December 31, 2024, compared to $(28.942) million at the end of 2023[28] - Total current assets decreased to $172.470 million as of December 31, 2024, down from $180.356 million at the end of 2023[28] - The total liabilities of Mistras Group, Inc. decreased to $324.143 million from $344.273 million year-over-year[28] Debt Management - The company reported a total gross debt of $169,647,000 for the year ended December 31, 2024, down from $190,399,000 in 2023, indicating a reduction of about 10.9%[47] - Net debt decreased to $151,330,000 in 2024 from $172,753,000 in 2023, reflecting a decrease of approximately 12.4%[47] - The company’s gross debt decreased by $20.8 million to $169.6 million as of December 31, 2024[15] Quarterly Performance - For the quarter ended December 31, 2024, Mistras Group, Inc. reported revenue of $172.731 million, a decrease of 5.4% compared to $182.073 million in the same quarter of 2023[30] - Gross profit for the quarter was $51.326 million, representing a gross profit margin of 29.7%, slightly up from 29.5% in the prior year[33] - The company achieved a net income of $5.298 million for the quarter, compared to a net loss of $2.513 million in the same quarter of 2023, marking a significant turnaround[30] - North America revenue for the quarter was $136.938 million, down from $148.035 million in the same quarter of 2023, reflecting a decline of 7.4%[33] - For Q4 2024, net income attributable to Mistras Group, Inc. was $5.278 million, compared to a loss of $2.514 million in Q4 2023[52] - Diluted EPS (GAAP) for Q4 2024 was $0.17, recovering from a loss of $0.08 in Q4 2023[52] Special Items and Tax Impact - Special items, net of tax, totaled $2.248 million for Q4 2024, compared to $5.377 million in Q4 2023[52] - The company incurred reorganization and other related costs of $2.085 million in Q4 2024, down from $6.252 million in Q4 2023[52] - Total special items for the year 2024 were $4.884 million, significantly lower than $27.135 million in 2023[52] - The tax impact on special items for the year 2024 was $(1.168) million, compared to $(3.256) million in 2023[52] Future Outlook - The company is currently assessing foreign exchange risks and potential impacts of U.S. tariffs on its financial results for fiscal 2025[16][17] - Mistras Group, Inc. plans to continue focusing on operational efficiency and cost management to enhance profitability in the upcoming quarters[30]