Mistras Group, Inc. (NYSE:MG) Q3 2024 Results Conference Call October 31, 2024 9:00 AM ET

Company Participants

Manuel Stamatakis - Chairman of the Board and Interim Chief Executive Officer
Edward Prajzner - Senior Executive Vice President and Chief Financial Officer

Conference Call Participants

John Franzreb - Sidoti & Company, LLC
Christopher Sakai - Singular Research
Mitchell Pinheiro - Sturdivant & Co. Inc.

Operator

Thank you for joining the Mistras Group's Conference Call for its Third Quarter ended September 30, 2024. My name is Amber, and I will be your event manager today. We will be accepting questions after management's prepared remarks. Participating on the call for Mistras will be Manuel Stamatakis, the company's Chairman of the Board and Interim President; and Chief Executive Officer, Ed Prajzner, Senior Executive Vice President and Chief Financial Officer.

I want to remind everyone that remarks made during this conference call will include forward-looking statements. The company's actual results could differ materially from those projected. Some of those factors that cause actual results to differ are discussed in the company's most recent annual report on Form 10-K and the other reports filed within the SEC.

The discussion in the 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 the Form 8-K. These reports are available at the company's website in the Investors section and on the SEC's website. I would now like to turn the conference call over to Manuel Stamatakis.

Manuel Stamatakis

Thank you, Amber. Good morning, everyone, and thank you for joining us today. The company's third quarter results were in line with our expectations with the bottom line growing significantly faster than the top line, once again demonstrating the margin accretive actions and significant operating leverage improvements that we have instituted into our business model.

Revenue was up nearly 2% during the quarter, led by continuing growth in the international segment for the eighth consecutive quarter, along with double-digit revenue growth within the North American segment's aerospace and defense, and industrial industries. Our consolidated oil and gas industry revenue decreased during the third quarter, driven by a decrease in downstream subindustry revenue as we had anticipated due to a relatively moderate fall turnaround season compared to a more robust spring turnaround season earlier this year.