MISTRAS Announces Second Quarter and First Half 2021 Results
MISTRAS Group, Inc. (MG) reported a robust second quarter 2021 with revenue surging 42.8% to $177.7 million and net income reaching $5.9 million, or $0.20 per diluted share. Adjusted EBITDA increased 96.5% to $22.6 million. The growth was driven by a strong rebound in the oil and gas market, while gross profit rose 34.4% to $55.3 million. The company managed to keep SG&A expenses flat despite significant revenue increases. MISTRAS anticipates continued revenue growth in the third quarter, contingent on stable macroeconomic conditions.
- Revenue increased 42.8% YoY to $177.7 million.
- Net income of $5.9 million and diluted EPS of $0.20.
- Adjusted EBITDA up 96.5% to $22.6 million.
- Operating cash flow of $15 million and free cash flow of $8.5 million.
- Successful debt reduction of $8.5 million in the first half of 2021.
- Gross profit margin decreased to 31.1% from 33.1% YoY due to increased pass-through costs.
- International aerospace market remains under pressure from COVID-19.
- Expected lower sequential adjusted EBITDA in Q3 compared to Q2, due to restored temporary cost reductions.
Strong Top and Bottom-line Growth resulting in Solid Cash Flow
Revenue up
Adjusted EBITDA increased
PRINCETON JUNCTION, N.J., Aug. 02, 2021 (GLOBE NEWSWIRE) -- MISTRAS Group, Inc. (MG: NYSE), a leading "one source" global multinational provider of integrated technology-enabled asset protection solutions, reported financial results for its second quarter and six months ended June 30, 2021.
Highlights of the Second Quarter 2021*
- Revenue of
$177.7 million , up42.8% - Gross profit of
$55.3 million , up34.4% - Operating income of
$11.4 million - Net income of
$5.9 million , and diluted earnings per share of$0.20 - Adjusted EBITDA of
$22.6 million , up96.5% - Operating cash flow of
$15.0 million and Free Cash Flow of$8.5 million
Highlights of the First Half 2021*
- Revenue of
$331.4 million , up16.7% - Gross profit of
$95.3 million ; gross profit margin of28.8% - SG&A of
$79.4 million , essentially flat despite the significant revenue increase year-over-year - Revised Credit Agreement, combined with lower outstanding debt and leverage level, significantly reduces borrowing cost prospectively
- Total debt repayment of
$8.5 million during the six months ended June 30, 2021
* All comparisons are consolidated and versus the equivalent prior year period, unless otherwise noted.
For the second quarter of 2021, consolidated revenue was
Second quarter 2021 consolidated gross profit was up
Chief Executive Officer Dennis Bertolotti commented, "Our excellent results in the second quarter represent the first phase of what I expect to be a normalization of our end markets, led this quarter by a strong rebound in our Oil and Gas market. As anticipated, the second quarter benefitted from a late start to the Spring turnaround season, which consequently ran longer than usual. It now appears the overall Energy market is stabilizing, so we expect revenues from this market to grow over the course of the year. Gross profit was up significantly over last year due to the gain in volume. Gross profit margin in the quarter was up compared to full year fiscal 2020 margins, reflecting continued progress in improving our efficiencies and productivity. I am also pleased with our expense controls, which enabled us to hold overhead costs essentially flat in the second quarter, while significantly increasing revenue. The net result was one of our most profitable recent quarters with strong cash flows. We had anticipated this quarter would mark the start of a return to year over year growth, and we are well positioned to consistently drive improvements across the organization and to capitalize on the increasing demand for the valuable services that we provide as we build value for our shareholders.”
Mr. Bertolotti additionally commented on the Company’s progress with its growth initiatives and provided an outlook for the upcoming quarter, “Our end markets are on the mend and we are prepared to capitalize on the increased demand we expect to see, especially from the Energy sector. This remains a large market that seems to have recovered more quickly than some of our other markets, and where we are gaining share and expanding our services, such as into mechanical work and data services.
I am also very pleased to announce the launching of MISTRAS OneSuite™ software platform, which serves as an ecosystem of integrated software and data service apps making integrity data as insight-driven, user-friendly, accessible, and actionable for the benefit of our customers. Our revised credit agreement, in combination with our lower debt and leverage level, will reduce our annual interest expense by almost
Segment Performance:
Services segment second quarter revenues were
International segment second quarter revenues were
Products and Systems revenue were
The Company generated
The Company’s total debt was
Outlook for the Third Quarter of 2021
The Company’s business has been recovering over the past four quarters, from the low experienced in the second quarter of 2020, when the effect of COVID-19 was most impactful to its financial results. Although energy prices and demand are currently stable, the ongoing COVID-19 pandemic continues to significantly impact the Company’s second largest market, Aerospace. The Company expects revenue to increase in the low-to-mid teens percentage in the third quarter of 2021 over the prior year quarter. Adjusted EBITDA is expected to be higher in the third quarter of 2021 than the prior year period, but lower sequentially than the second quarter of 2021, due to substantially all of the remaining temporary cost reductions from 2020 being restored during the third quarter of 2021. This outlook is contingent on continuing macroeconomic stability, including i) continuing stabilization in crude oil markets, ii) a timely and effective COVID-19 vaccination rollout in 2021 and iii), no new or increased stay-in-place mandates resulting from an increased spread of COVID-19 variants, which would impact the Company’s ability to work as a critical service provider.
Conference Call
In connection with this release, MISTRAS will hold a conference call on August 3, 2021 at 9 a. m. (Eastern). The call will be broadcast over the Web and can be accessed on MISTRAS' Website, www.mistrasgroup.com . Individuals in the U.S. wishing to participate in the conference call by phone may dial 1-844-832-7227 and use confirmation code 6969718 when prompted. The International dial-in number is 1-224-633-1529. Those who wish to listen to the call later can access an archived copy of the conference call at the MISTRAS Website.
About MISTRAS Group, Inc. - One Source for Asset Protection Solutions®
MISTRAS Group, Inc. (NYSE: MG) is a leading “one source” multinational provider of integrated technology-enabled asset protection solutions, helping to maximize the safety and operational uptime for civilization’s most critical industrial and civil assets.
Backed by an innovative, data-driven asset protection portfolio, proprietary technologies, and a decades-long legacy of industry leadership, MISTRAS leads clients in the oil and gas, aerospace and defense, power generation, civil infrastructure, and manufacturing industries towards achieving and maintaining operational excellence. By supporting these organizations that help fuel our vehicles and power our society; inspecting components that are trusted for commercial, defense, and space craft; and building real-time monitoring equipment to enable safe travel across bridges, MISTRAS helps the world at large.
MISTRAS enhances value for its clients by integrating asset protection throughout supply chains and centralizing integrity data through a suite of Industrial IoT-connected digital software and monitoring solutions utilizing OneSuite™ serving as an ecosystem platform, pulling together all of MISTRAS’ software and data services capabilities, for the benefit of customers and their evolving digital requirements.
The company’s core capabilities also include non-destructive testing (“NDT”) field inspections enhanced by advanced robotics, laboratory quality control and assurance testing, sensing technologies and NDT equipment, asset and mechanical integrity engineering services, and light mechanical maintenance and access services.
For more information about how MISTRAS helps protect civilization’s critical infrastructure, visit https://www.mistrasgroup.com/ or contact Nestor S. Makarigakis, Group Vice President of Marketing at marcom@mistrasgroup.com.
Forward-Looking and Cautionary Statements
Certain statements made in this press release are "forward-looking statements" about MISTRAS' financial results and estimates, products and services, business model, strategy, growth opportunities, profitability and competitive position, and other matters. These forward-looking statements generally use words such as "future," "possible," "potential," "targeted," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict," "project," "will," "may," "should," "could," "would" and other similar words and phrases. Such statements are not guarantees of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved, if at all. These statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. A list, description and discussion of these and other risks and uncertainties can be found in the "Risk Factors" section of the Company's 2020 Annual Report on Form 10-K dated March 16, 2021, as updated by our reports on Form 10-Q and Form 8-K. The forward-looking statements are made as of the date hereof, and MISTRAS undertakes no obligation to update such statements as a result of new information, future events or otherwise.
Use of Non-GAAP Measures
In addition to financial information prepared in accordance with generally accepted accounting principles in the U.S. (GAAP), this press release also contains adjusted financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facilitate comparisons between periods and with respect to projected information. The term "Adjusted EBITDA" used in this release is a financial measurement not calculated in accordance with GAAP and is defined as net income attributable to MISTRAS Group, Inc. plus: interest expense, provision for income taxes, depreciation and amortization, share-based compensation expense and certain acquisition related costs (including transaction due diligence costs and adjustments to the fair value of contingent consideration), foreign exchange (gain) loss, non-cash impairment charges and, if applicable, certain additional special items which are noted. A reconciliation of Adjusted EBITDA to a financial measurement under GAAP is set forth in a table attached to this press release. In the press release, the Company also uses the term "non-GAAP Net Income", which is GAAP net income adjusted for certain items management believes are unusual and non-recurring. The Company uses the term “free cash flow”, a non-GAAP measurement the Company defines as cash provided by operating activities less capital expenditures (which is classified as an investing activity). The Company also uses the term “net debt”, a non-GAAP measurement defined as the sum of the current and long-term portions of long-term debt, less cash and cash equivalent. In the tables attached is a table reconciling "Net Income (Loss) (GAAP)" to "Net Income Excluding Special Items (non-GAAP), which reconciles the non-GAAP amount to a GAAP measurement. In addition, the Company has also included in the attached tables non-GAAP measurement” “Segment and Total Company Income (Loss) Before Special Items”, reconciling these measurements to financial measurements under GAAP.
Mistras Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
June 30, 2021 | December 31, 2020 | ||||||
ASSETS | (unaudited) | ||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 19,942 | $ | 25,760 | |||
Accounts receivable, net | 122,887 | 107,628 | |||||
Inventories | 12,836 | 13,134 | |||||
Prepaid expenses and other current assets | 15,843 | 16,066 | |||||
Total current assets | 171,508 | 162,588 | |||||
Property, plant and equipment, net | 91,898 | 92,681 | |||||
Intangible assets, net | 64,608 | 68,642 | |||||
Goodwill | 208,175 | 206,008 | |||||
Deferred income taxes | 2,553 | 2,069 | |||||
Other assets | 48,639 | 51,325 | |||||
Total assets | $ | 587,381 | $ | 583,313 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 18,015 | $ | 14,240 | |||
Accrued expenses and other current liabilities | 87,472 | 78,500 | |||||
Current portion of long-term debt | 17,835 | 10,678 | |||||
Current portion of finance lease obligations | 3,809 | 3,765 | |||||
Income taxes payable | 1,269 | 2,664 | |||||
Total current liabilities | 128,400 | 109,847 | |||||
Long-term debt, net of current portion | 193,332 | 209,538 | |||||
Obligations under finance leases, net of current portion | 10,594 | 11,115 | |||||
Deferred income taxes | 8,623 | 8,236 | |||||
Other long-term liabilities | 44,783 | 47,358 | |||||
Total liabilities | 385,732 | 386,094 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Preferred stock, 10,000,000 shares authorized | — | — | |||||
Common stock, | 294 | 292 | |||||
Additional paid-in capital | 236,125 | 234,638 | |||||
Accumulated Deficit | (21,273 | ) | (21,848 | ) | |||
Accumulated other comprehensive loss | (13,707 | ) | (16,061 | ) | |||
Total Mistras Group, Inc. stockholders’ equity | 201,439 | 197,021 | |||||
Noncontrolling interests | 210 | 198 | |||||
Total equity | 201,649 | 197,219 | |||||
Total liabilities and equity | $ | 587,381 | $ | 583,313 | |||
Mistras Group, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Income (Loss)
(in thousands, except per share data)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
Revenue | $ | 177,677 | $ | 124,435 | $ | 331,412 | $ | 283,900 | ||||||
Cost of revenue | 116,787 | 77,954 | 225,030 | 191,278 | ||||||||||
Depreciation | 5,554 | 5,323 | 11,045 | 10,820 | ||||||||||
Gross profit | 55,336 | 41,158 | 95,337 | 81,802 | ||||||||||
Selling, general and administrative expenses | 39,719 | 37,607 | 79,358 | 79,165 | ||||||||||
Impairment charges | — | — | — | 106,062 | ||||||||||
Legal settlement and litigation charges, net | — | — | 1,030 | — | ||||||||||
Research and engineering | 620 | 708 | 1,347 | 1,532 | ||||||||||
Depreciation and amortization | 3,078 | 3,207 | 6,152 | 7,177 | ||||||||||
Acquisition-related expense (benefit), net | 545 | 19 | 822 | (523 | ) | |||||||||
Income (loss) from operations | 11,374 | (383 | ) | 6,628 | (111,611 | ) | ||||||||
Interest expense | 3,155 | 2,976 | 6,368 | 5,765 | ||||||||||
Income (loss) before benefit for income taxes | 8,219 | (3,359 | ) | 260 | (117,376 | ) | ||||||||
Provision (benefit) for income taxes | 2,274 | (694 | ) | (326 | ) | (16,189 | ) | |||||||
Net Income (loss) | 5,945 | (2,665 | ) | 586 | (101,187 | ) | ||||||||
Less: net income (loss) attributable to noncontrolling interests, net of taxes | 8 | (9 | ) | 11 | (22 | ) | ||||||||
Net Income (loss) attributable to Mistras Group, Inc | $ | 5,937 | $ | (2,656 | ) | $ | 575 | $ | (101,165 | ) | ||||
Earnings (loss) per common share: | ||||||||||||||
Basic | $ | 0.20 | $ | (0.09 | ) | $ | 0.02 | $ | (3.49 | ) | ||||
Diluted | $ | 0.20 | $ | (0.09 | ) | $ | 0.02 | $ | (3.49 | ) | ||||
Weighted-average common shares outstanding: | ||||||||||||||
Basic | 29,602 | 29,085 | 29,514 | 29,024 | ||||||||||
Diluted | 30,136 | 29,085 | 30,039 | 29,024 | ||||||||||
Mistras Group, Inc. and Subsidiaries
Unaudited Operating Data by Segment
(in thousands)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenues | |||||||||||||||
Services | $ | 144,977 | $ | 100,677 | $ | 269,275 | $ | 229,550 | |||||||
International | 31,951 | 21,343 | 59,599 | 50,410 | |||||||||||
Products and Systems | 3,203 | 4,002 | 6,191 | 6,814 | |||||||||||
Corporate and eliminations | (2,454 | ) | (1,587 | ) | (3,653 | ) | (2,874 | ) | |||||||
$ | 177,677 | $ | 124,435 | $ | 331,412 | $ | 283,900 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Gross profit | |||||||||||||||
Services | $ | 43,761 | $ | 33,940 | $ | 74,837 | $ | 66,177 | |||||||
International | 9,615 | 5,392 | 17,240 | 13,415 | |||||||||||
Products and Systems | 1,952 | 1,838 | 3,233 | 2,206 | |||||||||||
Corporate and eliminations | 8 | (12 | ) | 27 | 4 | ||||||||||
$ | 55,336 | $ | 41,158 | $ | 95,337 | $ | 81,802 | ||||||||
Mistras Group, Inc. and Subsidiaries
Unaudited Reconciliation of
Segment and Total Company Income from Operations (GAAP) to Income before Special Items (non-GAAP)
(in thousands)
Three Months Ended June 30, | Six Months Ended June 30, 2020 | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Services: | |||||||||||||||
Income (loss) from operations (GAAP) | $ | 18,358 | $ | 10,837 | $ | 22,906 | $ | (70,657 | ) | ||||||
Impairment charges | — | — | — | 86,200 | |||||||||||
Reorganization and other costs | 26 | 45 | 97 | 67 | |||||||||||
Legal settlement and litigation charges, net | — | — | 1,650 | — | |||||||||||
Acquisition-related expense (benefit), net | 545 | 19 | 788 | (523 | ) | ||||||||||
Income before special items (non-GAAP) | $ | 18,929 | $ | 10,901 | $ | 25,441 | $ | 15,087 | |||||||
International: | |||||||||||||||
Income (loss) from operations (GAAP) | $ | 1,809 | $ | (1,937 | ) | $ | 989 | $ | (22,356 | ) | |||||
Impairment charges | — | — | — | 19,862 | |||||||||||
Reorganization and other costs | 30 | 366 | 126 | 292 | |||||||||||
Income (loss) before special items (non-GAAP) | $ | 1,839 | $ | (1,571 | ) | $ | 1,115 | $ | (2,202 | ) | |||||
Products and Systems: | |||||||||||||||
Income (loss) from operations (GAAP) | $ | 209 | $ | (96 | ) | $ | (372 | ) | $ | (1,776 | ) | ||||
Reorganization and other costs | — | — | 27 | — | |||||||||||
Income (loss) before special items (non-GAAP) | $ | 209 | $ | (96 | ) | $ | (345 | ) | $ | (1,776 | ) | ||||
Corporate and Eliminations: | |||||||||||||||
Loss from operations (GAAP) | $ | (9,002 | ) | $ | (9,187 | ) | $ | (16,895 | ) | $ | (16,822 | ) | |||
Loss on debt modification | 277 | 645 | 277 | 645 | |||||||||||
Legal settlement and litigation charges, net | — | — | (620 | ) | $ | — | |||||||||
Reorganization and other costs | — | 86 | — | 123 | |||||||||||
Acquisition-related expense, net | — | — | 34 | — | |||||||||||
Loss before special items (non-GAAP) | $ | (8,725 | ) | $ | (8,456 | ) | $ | (17,204 | ) | $ | (16,054 | ) | |||
Total Company: | |||||||||||||||
Income (loss) from operations (GAAP) | $ | 11,374 | $ | (383 | ) | $ | 6,628 | $ | (111,611 | ) | |||||
Impairment charges | — | — | — | 106,062 | |||||||||||
Reorganization and other costs | 56 | 497 | 250 | 482 | |||||||||||
Loss on debt modification | 277 | 645 | 277 | 645 | |||||||||||
Legal settlement and litigation charges, net | — | — | 1,030 | — | |||||||||||
Acquisition-related expense (benefit), net | 545 | 19 | 822 | (523 | ) | ||||||||||
Income (loss) before special items (non-GAAP) | $ | 12,252 | $ | 778 | $ | 9,007 | $ | (4,945 | ) | ||||||
Mistras Group, Inc. and Subsidiaries
Unaudited Summary Cash Flow Information
(in thousands)
Three Months Ended June 30, | Six Months Ended June 30, 2020 | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Net cash provided by (used in): | |||||||||||||||
Operating activities | $ | 14,978 | $ | 28,755 | $ | 18,126 | $ | 34,862 | |||||||
Investing activities | (6,142 | ) | (3,044 | ) | (10,318 | ) | (7,248 | ) | |||||||
Financing activities | (13,405 | ) | (20,829 | ) | (12,970 | ) | (20,337 | ) | |||||||
Effect of exchange rate changes on cash | 334 | 679 | (656 | ) | 295 | ||||||||||
Net change in cash and cash equivalents | $ | (4,235 | ) | $ | 5,561 | $ | (5,818 | ) | $ | 7,572 | |||||
Mistras Group, Inc. and Subsidiaries
Unaudited Reconciliation of
Net Cash Provided by Operating Activities (GAAP) to Free Cash Flow (non-GAAP)
(in thousands)
Three Months Ended June 30, | Six Months Ended June 30, 2020 | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Net cash provided by operating activities (GAAP) | $ | 14,978 | $ | 28,755 | $ | 18,126 | $ | 34,862 | |||||||
Less: | |||||||||||||||
Purchases of property, plant and equipment | (6,185 | ) | (3,142 | ) | (10,188 | ) | (7,443 | ) | |||||||
Purchases of intangible assets | (268 | ) | (108 | ) | (618 | ) | (195 | ) | |||||||
Free cash flow (non-GAAP) | $ | 8,525 | $ | 25,505 | $ | 7,320 | $ | 27,224 | |||||||
Mistras Group, Inc. and Subsidiaries
Unaudited Reconciliation of
Gross Debt (GAAP) to Net Debt (non-GAAP)
(in thousands)
June 30, 2021 | December 31, 2020 | ||||||
Current portion of long-term debt | $ | 17,835 | $ | 10,678 | |||
Long-term debt, net of current portion | 193,332 | 209,538 | |||||
Total Gross Debt (GAAP) | 211,167 | 220,216 | |||||
Less: Cash and cash equivalents | (19,942 | ) | (25,760 | ) | |||
Total Net Debt (non-GAAP) | $ | 191,225 | $ | 194,456 | |||
Mistras Group, Inc. and Subsidiaries
Unaudited Reconciliation of
Net Income (Loss) (GAAP) to Adjusted EBITDA (non-GAAP)
(in thousands)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
Net Income (loss) (GAAP) | $ | 5,945 | $ | (2,665 | ) | $ | 586 | $ | (101,187 | ) | ||||
Less: Net income (loss) attributable to non-controlling interests, net of taxes | 8 | (9 | ) | 11 | (22 | ) | ||||||||
Net Income (loss) attributable to Mistras Group, Inc. | $ | 5,937 | $ | (2,656 | ) | $ | 575 | $ | (101,165 | ) | ||||
Interest expense | 3,155 | 2,976 | 6,368 | 5,765 | ||||||||||
Provision (benefit) for income taxes | 2,274 | (694 | ) | (326 | ) | (16,189 | ) | |||||||
Depreciation and amortization | 8,632 | 8,530 | 17,197 | 17,997 | ||||||||||
Share-based compensation expense | 1,202 | 1,395 | 2,464 | 2,740 | ||||||||||
Impairment charges | — | — | — | 106,062 | ||||||||||
Acquisition-related expense (benefit), net | 545 | 19 | 822 | (523 | ) | |||||||||
Reorganization and other related costs | 56 | 497 | 250 | 482 | ||||||||||
Legal settlement and litigation charges, net | — | — | 1,030 | — | ||||||||||
Loss on debt modification | 277 | 645 | 277 | 645 | ||||||||||
Foreign exchange loss | 474 | 764 | 932 | 1,067 | ||||||||||
Adjusted EBITDA (non-GAAP) | $ | 22,552 | $ | 11,476 | $ | 29,589 | $ | 16,881 | ||||||
Mistras Group, Inc. and Subsidiaries
Unaudited Reconciliation of
Net Income (Loss) (GAAP) and Diluted EPS (GAAP) to Net Income (Loss) Excluding Special Items (non-GAAP)
and Diluted EPS Excluding Special Items (non-GAAP)
(tabular dollars in thousands, except per share data)
Three Months Ended June 30, | Six Months Ended June 30, 2020 | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net income (loss) attributable to Mistras Group, Inc. (GAAP) | $ | 5,937 | $ | (2,656 | ) | $ | 575 | $ | (101,165 | ) | ||||||
Special items | 878 | 1,161 | 2,379 | 106,666 | ||||||||||||
Tax impact on special items | (189 | ) | (191 | ) | (557 | ) | (14,041 | ) | ||||||||
Special items, net of tax | $ | 689 | $ | 970 | $ | 1,822 | $ | 92,625 | ||||||||
Net income (loss) attributable to Mistras Group, Inc. Excluding Special Items (non-GAAP) | $ | 6,626 | $ | (1,686 | ) | $ | 2,397 | $ | (8,540 | ) | ||||||
Diluted EPS (GAAP)(1) | $ | 0.20 | $ | (0.09 | ) | $ | 0.02 | $ | (3.49 | ) | ||||||
Special items, net of tax | 0.02 | 0.03 | 0.02 | 3.19 | ||||||||||||
Diluted EPS Excluding Special Items (non-GAAP) | $ | 0.22 | $ | (0.06 | ) | $ | 0.04 | $ | (0.30 | ) |
_______________
(1) For the three and six months ended June 30, 2020, 118 and 223 shares, respectively, related to restricted stock were excluded from the calculation of diluted EPS due to the net loss for the period.
FAQ
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