Stock Track | Mirion Stock Plunges After Mixed Q3 Results and Updated Guidance

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Mirion Technologies (NYSE: MIR) shares plummeted 5.47% in after-hours trading on October 29, 2024, following the company's mixed third-quarter results and updated guidance for the full year.

For the third quarter of 2024, Mirion reported revenue of $206.8 million, an 8.2% increase from the same period last year and beating analysts' expectations of $203.67 million. However, the company's adjusted earnings per share (EPS) of $0.08 fell short of the consensus estimate of $0.09.

The company's adjusted EBITDA margin expanded to 22.1% in the third quarter, up from 20.3% a year ago, reflecting ongoing operational improvements. However, Mirion reported a net loss of $14 million, compared to a net loss of $12.9 million in the same quarter last year.

In its updated guidance for the full year 2024, Mirion raised its revenue growth forecast to 6-7%, compared to its previous range of 5-7%. The company maintained its guidance for adjusted EBITDA between $195 million and $205 million, and adjusted EPS between $0.37 and $0.42.

Mirion also announced two significant contracts to support the Sizewell C nuclear power plant project in the UK, highlighting its strategic positioning in the growing nuclear power and small modular reactor markets. However, the closure of its lasers business is expected to negatively impact organic revenue growth by approximately 30 basis points.

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