Mistras Group Falls as Challenging Market Conditions Persist
Many companies have assets in hard-to-reach places that nevertheless require regular monitoring and testing. Mistras Group (NYSE: MG) provides the technology to solve the logistical problems involved with remote asset protection and monitoring, and it has had great success over the years at attracting customers from a variety of industries. However, the oil and gas industry provides a significant share of its business, and tough times in the energy sector have had an impact on the company in the past.
Coming into Tuesday's second-quarter financial report, Mistras investors understood that energy industry headwinds would likely hit the company's results again, but they still hoped to see some hints of better days ahead. Instead, Mistras Group's numbers showed weaker earnings and revenue, and its outlook for the future remains cloudy because of energy's weakness. Let's take a closer look.
Image source: Mistras Group.
Source: Fool.com
