Mistras Profit Rises, Lifts FY Outlook; Shares Up 7%

(RTTNews) - Mistras Group Inc. (MG) Wednesday reported an increase in second-quarter profit driven largely by 14 percent growth in revenues. Both earnings and revenues for the quarter came in ahead of analysts' estimates.

Moving ahead, the infrastructure testing company lifted its revenue outlook for the full year 2014, sending its shares up seven percent in the after-hours trade.

Princeton Junction, New Jersey-based Mistras' profit for the second quarter rose to $9.3 million or $0.32 per share from $9.2 million or $0.32 per share last year.

Adjusted net income for the quarter was $8.9 million or $0.31 per share. On average, six analysts polled by Thomson Reuters expected earnings of $0.29 per share for the quarter. Analysts' estimates typically exclude special items.

Mistras said its revenues for the quarter grew 13.8 percent to $156.8 million from $137.73 million last year. Analysts expected revenues of $154.99 million for the quarter.

Revenue growth for the quarter included organic growth of 4.3 percent and acquisition growth of 9.4 percent.

Second-quarter gross margin improved to 30.6 percent from 30.4 percent prior year.

Looking forward to the fiscal year 2014, the company now sees revenue of $590 million to $615 million, up from its previous outlook of $570 million to $600 million. Analysts currently expect full-year revenues of $591.69 million.

MG closed Wednesday's trading at $22.44, up $0.99 or 4.62%, on the NYSE. The stock further gained $1.54 or 6.86% in the after-hours trading.