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Last Update: 09-Apr-13 07:41 ET
Mistras Group shares little changed following miss on GAAP earnings
Mistras Group (MG $23.89 +0.00) reported third quarter earnings of GAAP $0.09 per share, $0.08 worse than the GAAP Capital IQ consensus Estimate of $0.17, while revenues rose 28.3% year/year to $133.6 million versus the $129.8 million consensus.The company issues guidance for fiscal year 2013 with, sees FY13 revs at the high end of prior guidance of $525-535 mln vs. $532.49 mln Capital IQ Consensus Estimate. Adjusted EBITDA was $12.5 million in the third quarter and $51.8 million in the nine month period. "The Company's revenue growth momentum continued in the third quarter and the organic growth rate of our Services segment was a big factor in that momentum. In a traditionally soft third quarter, our International segment continued to improve, however, our results were impacted by project mix in our Services segment and lower product sales in our Products and Systems segment." Outlook: The Company's outlook is for continued double digit growth in revenue and Adjusted EBITDA. The Company is confident in its long-term prospects, but in light of the current business and economic environment, the Company now estimates its fiscal 2013 Adjusted EBITDA to be in the range of $75 million to $80 million (prior EBITDA guidance was $78-85 mln), and revenues to be in the high end of its previous guidance of $525 million to $535 million.
