Welcome to our dedicated page for Matrix Service Co news (Ticker: MTRX), a resource for investors and traders seeking the latest updates and insights on Matrix Service Co stock.
Matrix Service Company (Nasdaq: MTRX), established in 1984, is a leading industrial contractor headquartered in Tulsa, Oklahoma. With subsidiary offices across the United States, Canada, Sydney, Australia, and Seoul, South Korea, Matrix Service Co and its subsidiaries—Matrix Service, Matrix NAC, Matrix PDM Engineering, and Matrix Applied Technologies—provide a comprehensive suite of services, including engineering, procurement, fabrication, construction, maintenance, and industrial cleaning. The company caters to a diverse array of industries, notably energy, power, petrochemical, industrial, mining, and minerals markets.
Matrix Service Company is renowned for its expertise in aboveground storage tanks and specialty vessels, making it a preferred contractor for industries such as power generation, power delivery, integrated iron and steel, and more. The company is ranked #49 in Engineering-News Record's annual Top 400 Contractors and has been recognized by Forbes and Fortune for its trustworthiness and rapid growth. Matrix is also certified as a Great Place to Work®.
Matrix operates through three main segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions. This diverse operation ensures that Matrix can address a wide range of client needs, from large-scale construction projects to specialized maintenance services. The company's financial health is robust, as evidenced by its recent financial results for the fourth quarter and year ended June 30, 2023. Matrix continues to secure substantial project awards, reflecting a strong bid-to-bill ratio that indicates sustainable growth.
Matrix Service Company is committed to sustainability and robust Environment, Social, and Governance (ESG) practices. It has been recognized for its board diversification and is an active signatory to CEO Action for Diversity and Inclusion. The company's focus on ESG is not just a corporate responsibility but also a strategic advantage, enhancing its reputation and operational sustainability in a competitive market.
Recently, Matrix announced a strategic partnership with Geldof to provide world-class storage and terminal solutions for ammonia, a key component in sustainable energy solutions. This alliance underscores Matrix's commitment to innovation and sustainability, aiming to meet the increasing global demand for more sustainable energy resources.
Matrix's financial strategy includes prudent management of its backlog and strategic sales of non-core assets, which have contributed to its financial stability. The company uses non-GAAP financial measures like Adjusted EBITDA to provide a clearer picture of its core operating results, further emphasizing its commitment to transparency and investor confidence.
Matrix Service Company (Nasdaq: MTRX) has been awarded engineering, fabrication, and construction work for a 100,000 m3 full containment storage tank project in Gibbstown, New Jersey. The project, awarded by Cashman Preload Cryogenics for Delaware River Partners, features a unique dual-service design capable of storing both Liquid Ammonia and Liquid Propane Gas (LPG). The contract specifically covers the inner steel tank scope and was included in the company's backlog for the first quarter of fiscal 2025.
Matrix Service Company (Nasdaq: MTRX) announced its fiscal 2025 Q1 results, reaffirming its full-year revenue guidance of $900-$950 million. The company reported a total backlog of $1.4 billion and project awards of $148 million, resulting in a book-to-bill ratio of 0.9x. Revenue for the quarter was $165.6 million. However, the company faced a net loss per share of $(0.33) compared to $(0.12) in the prior year, with an adjusted net loss per share of $(0.33) versus $(0.21). Adjusted EBITDA stood at $(5.9) million. Despite these losses, Matrix generated cash flow from operations of $11.9 million and maintained liquidity of $181.2 million with no outstanding debt. The Utility and Power Infrastructure segment saw over 70% YoY revenue growth, while the Process and Industrial Facilities segment experienced a significant decline due to the completion of a large project. Management remains optimistic about converting backlog into revenue and returning to profitability by the end of fiscal 2025.
Matrix Service Company (Nasdaq: MTRX), a leading provider of engineering and construction services to the energy and industrial markets, has announced the dates for its first quarter Fiscal 2025 financial results release and conference call. The company will release its results after market close on Wednesday, November 6, 2024.
A conference call to discuss the financial results and forward outlook is scheduled for Thursday, November 7, 2024, at 10:30 a.m. Eastern time/9:30 a.m. Central time. Investors and interested parties can access a live audio-visual webcast through the company's website or a provided webcast link. The conference call will be recorded and available for replay within one hour of completion.
Matrix Service Company (Nasdaq: MTRX) has released its Fiscal 2024 Sustainability Report, highlighting key achievements in advancing sustainability within the organization. The report showcases the company's commitment to operational excellence, financial performance, and meeting stakeholder expectations.
Key highlights include:
- Completion of the company's first Materiality Assessment
- Third-party evaluation and investments in systems and processes for project management, ESG reporting, supply chain compliance, and GHG emissions tracking
- Continued focus on operational excellence and financial performance
- Strengthening of the balance sheet to support business strategy
Matrix has adopted the Sustainability Accounting Standards Board (SASB) reporting standards and began reporting under the Task Force on Climate-related Financial Disclosure (TCFD) recommendations in fiscal 2022. These frameworks aim to provide consistent, comparable, and meaningful sustainability reporting for stakeholders.
Matrix Service Company (Nasdaq: MTRX) reported its Q4 and full-year fiscal 2024 results, showing mixed performance. Key highlights include:
- Total backlog of $1.4 billion, up 31% year-over-year
- Q4 revenue of $189.5 million, down from $205.9 million in Q4 2023
- Q4 net loss of $(0.16) per share, compared to $(0.01) in Q4 2023
- Full-year fiscal 2024 revenue of $728.2 million
- Full-year net loss of $(0.91) per share, improved from $(1.94) in fiscal 2023
The company issued fiscal 2025 revenue guidance of $900-$950 million, indicating expected growth. CEO John Hewitt stated that Matrix is well-positioned for significant improvement in revenue, margins, and earnings in fiscal 2025, citing a strong backlog and streamlined organization.
Matrix Service Company (Nasdaq: MTRX) has announced its participation in the D. A. Davidson 23rd Annual Diversified Industrials & Services Conference. The event is scheduled for September 18-20, 2024 in Nashville, Tennessee. Key attendees from Matrix Service Company include:
- John R. Hewitt, President and CEO
- Kevin Cavanah, VP and CFO
- Kellie Smythe, Senior Director of Investor Relations
Investors have the opportunity to schedule one-on-one meetings with the management team during the conference. These meetings can be arranged through the conference organizers or by directly contacting Matrix Service Company at ir@matrixservicecompany.com.
Matrix Service Company (Nasdaq: MTRX), a leading provider of engineering and construction services to the energy and industrial markets, has announced the dates for its fourth quarter and Fiscal 2024 financial results release and conference call. The company will release its results after market on Monday, September 9, 2024. A conference call to discuss the financial results and forward outlook will be held on Tuesday, September 10, 2024, at 10:30 a.m. Eastern time/9:30 a.m. Central time.
Investors and interested parties can access a live audio-visual webcast through the company's website or a provided webcast link. The conference call will be recorded and available for replay within one hour of completion.
Matrix Service Company (NASDAQ: MTRX), a leading engineering and construction contractor, announced its inclusion in the Russell 3000® Index, effective post-market close on June 28, 2024. This membership will last for one year and includes automatic inclusion in either the large-cap Russell 1000 Index or the small-cap Russell 2000 Index, as well as relevant growth and value style indexes. FTSE Russell determines inclusion based on market capitalization and style attributes. President and CEO John R. Hewitt highlighted this milestone as a reflection of the company's commitment to long-term value creation and its strong project backlog, which reached nearly $1.5 billion as of March 31, 2024. The Russell indexes, managed by FTSE Russell, are benchmarks for around $10.5 trillion in assets.
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.
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