$MG reports Q4 revenue decline, improved gross profit and operational review plans
Mar 8th 2023, 9:01 pm
Analyst Summary: MISTRAS Group reported Q4 and FY2022 financial results with consolidated revenue at $687.4 million, up 1% YoY and gross profit margin of 30.5%. Despite a decline in Q4 revenue, gross profit improved, primarily due to cost discipline. The full-year selling, general, and administrative expenses remained under control, despite benefiting from temporary COVID-19 cost reductions. The company aims to accelerate profitable growth and improve adjusted EBITDA through an operational review with AlixPartners - Project Phoenix. Additionally, MISTRAS Group expects tailwinds to recurring revenue and gross margin as a result of executing customer pricing actions. With stable energy markets, improving commercial aerospace demand, and rapidly developing Data Solutions offerings, the company is optimistic about its current level of activity.