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Matrix Service Company (Nasdaq: MTRX) announced that key executives, including President and CEO John R. Hewitt, CFO Kevin Cavanah, and Senior Director of Investor Relations Kellie Smythe, will attend the Stifel Cross-Sector Insight Conference on June 4 and 5, 2024. Attendees can schedule one-on-one meetings with Matrix's management by prior notice, either through the conference or directly via Matrix Service Company's investor relations contact.
Matrix Service Company (Nasdaq: MTRX) reported its third-quarter fiscal 2024 results with a total backlog of $1.45 billion, a 74% increase year-over-year, the highest in company history. Revenue declined by 11% to $166.0 million, with adjusted EBITDA at ($9.8) million. Despite the revenue drop, cash flow from operations increased by 25% to $25 million. The company remains optimistic about future project activity and profitability, with a focus on maintaining strong bidding discipline. Matrix anticipates improved fixed cost absorption and margin expansion as projects in backlog convert to revenue. Key growth areas include transmission and distribution, specialty storage and terminals, and energy transition markets. The company maintains a strong financial position with cash and credit availability of $135.0 million and no outstanding debt.