MISTRAS Group, Inc. reported consolidated revenue of $182.7 million for the third quarter of 2024, marking a 1.9% increase compared to the prior year period. The company achieved a net income of $6.4 million, or $0.20 per diluted share, a significant improvement from a net loss of $10.3 million, or $0.34 per diluted share, in the third quarter of 2023.
Adjusted EBITDA for the quarter increased by 11.5% to $23.3 million, reflecting improved operating leverage. Revenue growth was driven by the International segment, which grew by 8.7%, and strong performance in North America's Aerospace and Defense (up 9.1%), Industrials (up 17.2%), and Power Generation & Transmission (up 19.7%) industries. Oil and Gas revenue decreased by 3.6% due to a moderate Fall turnaround season.
The company generated $19.4 million in operating cash flow and $13.2 million in free cash flow during the quarter, contributing to a reduction in gross debt to $189.7 million as of September 30, 2024. MISTRAS Group revised its full-year 2024 revenue guidance to a range of $725 million to $730 million, and provided a preliminary 2025 outlook anticipating low double-digit Adjusted EBITDA expansion and low single-digit organic revenue growth.
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