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Mistras Group Inc (MG+0.96%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in revenue to $729.6 million from $705.5 million in the previous year. The increase was driven by growth in the North America and International segments.
Gross profit for the year was reported at $213.1 million, up from $203.8 million in the previous year. Gross profit margin increased slightly to 29.2% from 28.9% in the prior year.
Operating expenses decreased to $173.3 million from $205.7 million, primarily due to lower reorganization costs and the absence of goodwill impairment charges recorded in the previous year.
Net income for the year was $18.97 million, compared to a net loss of $17.45 million in the previous year. The improvement in net income was attributed to increased revenue and reduced operating expenses.
The company reported cash and cash equivalents of $18.3 million as of December 31, 2024, with an available borrowing capacity of $119.2 million under its credit agreement.
Mistras Group Inc continues to focus on providing integrated technology-enabled asset protection solutions across various industries, including oil and gas, aerospace and defense, and power generation.
The company is monitoring potential impacts from geopolitical events, such as the ongoing conflict in Ukraine and tensions in the Middle East, which may affect its operations and costs.
Mistras Group Inc has appointed Natalia Shuman as President and CEO, effective January 1, 2025, succeeding Manuel N. Stamatakis, who will continue as Executive Chairman.
The company is also involved in a legal proceeding with the State of Arizona related to environmental compliance at its Phoenix facility, which may result in remediation costs and penalties.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mistras Group Inc annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.