Mistras Group, Inc. (NYSE:MG) Q2 2022 Results Conference Call August 4, 2022 10:00 AM ET

Company Participants

Dennis Bertolotti - President and Chief Executive Officer

Ed Prajzner - Executive Vice President, Chief Executive Officer and Treasurer

Jon Wolk - Senior Executive Vice President and Chief Operations Officer

Conference Call Participants

Brian Russo - Sidoti

Christopher Sakai - Singular Research

Mitchell Pinheiro - Sturdivant Company

Operator

Good morning, ladies and gentlemen, and thank you for joining Mistras Group's Conference Call for the Second Quarter of Fiscal 2022. My name is Kurt Wright, and I will be your event manager today. We'll be accepting questions after management's prepared remarks. [Operator Instructions]

Participating on the call for Mistras will be Dennis Bertolotti, the Company's President and Chief Executive Officer; Ed Prajzner, Executive Vice President, Chief Financial Officer and Treasurer; and Jon Wolk, Senior Executive Vice President and Chief Operating Officer.

I want to remind everyone that remarks made during the conference call will include forward-looking statements. The Company's actual results could differ materially from those projected. Some of those factors can result -- 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 U.S. GAAP. Reconciliation of these non-U.S. GAAP financial measures to the most directly comparable U.S. 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 on the SEC's website.

I will now turn over the conference to Dennis Bertolotti.

Dennis Bertolotti

Thank you, Kurt. Good morning, everyone, and thank you for joining us today. I'm continually excited about the future of Mistras, and I want to thank our employees for their efforts as they continue to serve our customers and exceed their expectations. This quarter was extremely busy as we closed a new credit agreement. We experienced continued recovery in our end markets and expanded the growth of our strategic initiatives in data and digital solutions.

Revenue this quarter was up year-over-year for the eighth consecutive quarter. We have continued to see strong demand in our key end markets, and we are optimistic for the second half of this year. Our aerospace and defense business was up nearly 33% in the second quarter as the commercial aerospace market surged forward as we had anticipated. This rebound in commercial aerospace, coupled with strong growth in both the private space and defense markets gives me confidence of this industry's ongoing recovery and expansion and validates our ability to meet and exceed customers' needs. I am also optimistic for strong third quarter results, which would keep us in line with our full year expectations.