Q3 2024 Mattr Corp Earnings Call Transcript
Key Points
- Mattr Corp (MTTRF) reported consolidated revenue of $250 million and adjusted EBITDA of $37 million for Q3 2024, indicating strong financial performance.
- The company completed the establishment of two new manufacturing sites in its composite technologies segment, enhancing production capabilities.
- Mattr Corp (MTTRF) announced the planned acquisition of AmerCable, expected to be immediately and materially accretive, positioning the company for robust growth in the North American wire and cable market.
- The company is on track to complete its operational transformation by the end of 2024, setting a strong foundation for 2025.
- Mattr Corp (MTTRF) continues to capture market share in its product lines, particularly in the Flexpipe business, despite challenging market conditions.
- The company observed continued weakness in the North American onshore oilfield market, Eurozone industrial sector, and global automotive market, which is expected to persist into 2025.
- Q3 revenue from the composite technologies segment decreased by 2.7% compared to the same period in 2023, primarily due to decreased international Flexpipe sales.
- Adjusted EBITDA from continuing operations decreased by 26.9% year-over-year, attributed to changes in product and customer mix and lower utilization in manufacturing facilities.
- The company incurred severance expenses and expects further costs in Q4 as it adjusts its fixed cost base to reflect market conditions.
- Mattr Corp (MTTRF) anticipates Q4 2024 revenue to be the lowest of the year due to seasonal slowdowns and unfavorable macroeconomic drivers.
Good day, and thank you for standing by. Welcome to the Mattr Third Quarter 2024 Results Webcast and Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Meghan MacEachern, VP of External Communications and ESG. Please go ahead.
Good morning. Before we begin this morning's conference call, I would like to take a moment to remind all listeners that today's call includes forward-looking statements that involves estimates, judgments, risks and uncertainties that may cause actual results to differ materially from those projected. The complete text of Mattr's statement on forward-looking information is included in Section 4.0 of the third quarter 2024 earnings press release and the MD&A that is available on SEDAR+ and on the company's website at mattr.com. For those joining via webcast, you may follow the visual presentation that accompanies this call.
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