MG - Mistras Group Inc. (MG) Q1 2024 Earnings Call Transcript
2024-05-04 10:04:09 ET
Mistras Group, Inc. [MG]
Q1 2024 Earnings Conference Call
May 2, 2024, 8:00 a.m. ET
Company Participants
Manny Stamatakis - Interim President & CEO
Ed Prajzner - SVP & CFO
Conference Call Participants
Chris Sakai - Singular Research
Tim Moore - E.F. Hutton
Mitchell Pinheiro - Sturdivant & Co.
Presentation
Operator
Thank you for joining our Mistras Group's conference call for its first quarter ended March 31st, 2024. My name is Brianna, and I'll be your event manager today. We'll be accepting questions after management's prepared remarks. Participating on the call from Mistras will be Manny Stamatakis, the Company's Chairman of the Board and Interim President and Chief Executive Officer, and Ed Prajzner, Senior Executive Vice President and Chief Financial Officer.
I want to remind everyone that remarks made during this conference call will include forward-looking statements. The Company's actual results could differ materially from those projected. Some of those factors that can cause actual results to differ are discussed in the Company's most recent annual report on Form 10-K and other reports filed with the SEC. The discussion in this conference call will also include certain financial measures that were not prepared in accordance with the US GAAP. Reconciliation of these non-US GAAP financial measures to the most directly comparable US GAAP financial measures, can be found in the tables contained in yesterday's press release and in the company's related current report on Form 8-K. These reports are available at the Company's website in the Investors section and on the SEC's website.
I will now turn the conference over to Manny Stamatakis.
Manny Stamatakis
Good morning, everyone. Thank you for joining us today. The first quarter was a strong start to the year as we continued to execute on our key financial, operational, and strategic initiatives. In particular, we achieved outstanding success in our Project Phoenix program, with adjusted EBITDA up 55% compared to the prior year. Revenue was up nearly 10%, primarily due to the strong spring turnaround activity in the Oil & Gas industry, and continued expansion in our Aerospace & Defense industry. Additionally, our improved commercial focus provided the benefit from the successful implementation of strategic price increases, which consequently contributed to improved gross margin. Selling, general, and administrative expenses were reduced on both a sequential and year-over-year basis, and we announced the hiring of a Chief Transformation Officer whose primary focus will be on sustaining the momentum generated by Project Phoenix to further improve operating leverage. Consequently, I'm once again reiterating our expectation that fiscal 2024 adjusted EBITDA will be one of our all-time high-performance years. While still early in the process, this is our second consecutive quarter of a strong top and bottom-line growth. with each successive quarter, we are gaining increasing confidence that the strategy and direction that emerged from our refocus in 2023, has put us on a trajectory to achieve record results this year and to maintain steady growth into 2025 and beyond....
Mistras Group, Inc. (MG) Q1 2024 Earnings Call Transcript