Q2 2024 Mattr Corp Earnings Call Transcript
Key Points
- Mattr Corp (MTTRF) reported $254 million in revenue, $43 million in adjusted EBITDA, and adjusted earnings per share of $0.31 for Q2 2024.
- Order visibility for the rest of the year and into next is improving across multiple business lines.
- The company's MEO program has made considerable progress, with new production sites commencing operations on time and on budget.
- Mattr Corp (MTTRF) has a strong balance sheet and cash generation profile, enabling a flexible but disciplined capital allocation strategy.
- The Xerxes business saw a robust sequential rise in tank shipments and production during Q2, indicating strong customer demand.
- Adjusted EBITDA from continuing operations decreased by 15.6% compared to the prior year's second quarter.
- The company recognized a $0.3 million restructuring charge related to the closure of the Xerxes manufacturing facility in Anaheim, California.
- A substantial international Flexpipe project was deferred, impacting Q3 revenue and margin expectations.
- Cash used in operating activities was $9 million, compared to cash provided by operating activities of $67.3 million in the prior year's second quarter.
- The connection technology segment reported modestly lower sequential revenue and adjusted EBITDA compared to the prior year.
Good day, and thank you for standing by. Welcome to the Mattr second-quarter 2024 results webcast and conference call.
(Operator Instructions) Please be advised, today's conference is being recorded. I would now like to hand the conference over to your 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 involve 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 second-quarter 2024 earnings press release, in 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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