Mistras Q1 Profit Rises, Backs FY14 Outlook; Shares Up 9%

(RTTNews) - Mistras Group Inc. (MG) Tuesday said its profit for the first quarter improved from last year, driven mainly by a 20 percent growth in revenues. Both earnings and revenues for the quarter trumped expectations. Following the news, shares of Mistras rose nine percent in after hours trading.

Princeton Junction, New Jersey-based Mistras' first-quarter profit rose to $5.6 million or $0.19 per share from $4.3 million or $0.15 per share in the prior year period.

Adjusted net income for the quarter was $4.3 million or $0.15 per share. On average, six analysts polled by Thomson Reuters expected earnings of $0.12 per share for the quarter. Analysts' estimates typically exclude unusual gains and losses.

The company's revenues were $135.8 million, an increase of 20 percent compared to $113.4 million for the prior year period. Analysts estimated revenues of $130.1 million for the quarter.

Looking forward, the company backed its fiscal year 2014 revenue guidance range of $570 million to $600 million. Analysts currently estimate revenues of $583.93 million for the year.

MG closed Tuesday's trading at $17.30, up $0.07 or 0.40%. The stock further gained $1.50 or 8.67% in after-hours trade.