Mistras Group Inc. (MG) Monday said its profit for the third quarter dropped from last year, despite a 28 percent growth in revenues as expenses increased. Earnings for the quarter fell short of analysts' estimates, while revenues trumped expectations.
Princeton Junction, New Jersey-based Mistras' profit for the quarter dropped to $2.8 million or $0.09 per share from $3.0 million or $0.11 per share last year.
Adjusted profit decreased to $0.07 per share from $0.13 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.17 per share for the quarter. Analysts' estimates typically exclude unusual gains and losses.
The company's revenues grew 28 percent to $133.3 million from $104.1 million last year. Three Wall Street analysts expected revenues of $131.62 million for the quarter. Mistras provides technology-enabled testing to evaluate soundness of bridges, oil refineries, wind turbines and other infrastructure.
Revenue growth was driven mainly by acquisition growth of 23 percent and organic growth of 6 percent.
Chief Executive Sotirios Vahaviolos said, "The company's revenue growth momentum continued in the third quarter and the organic growth rate of our Services segment was a big factor in that momentum. In a traditionally soft third quarter, our International segment continued to improve, however, our results were impacted by project mix in our Services segment and lower product sales in our Products and Systems segment."
Cost of services' revenues increased to $91.2 million from $66.3 million last year. Selling, general and administrative expenses rose to $27.2 million from $20.8 million last year.
Looking forward to the full year 2013, Mistras expects revenue to be at the high end of its guidance range of $525 million to $535 million. Analysts currently expect revenues of $533.24 million for the year.
MG closed Monday at $23.89, up 0.08%, on the NYSE. In after hours, the stock lost $0.72 or 3.01%.
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