Matrix Service Company Publishes Fiscal 2024 Sustainability Report

Rhea-AI Summary

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.

TULSA, Okla., Sept. 24, 2024 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading contractor to the energy and industrial markets across North America, today released its Fiscal 2024 Sustainability Report.

“In addition to our focus on strengthening our operational excellence and financial performance, in fiscal 2024, our teams continued to advance sustainability at Matrix, which is embedded in our core values,” said Matrix Service Company President and CEO John R. Hewitt. “Notably, we completed our first Materiality Assessment to help inform and prioritize our sustainability work and help us meet stakeholder expectations. We are committed to quality and efficiency in everything we do, including sustainability.”

Key highlights include:

• Completion of the Company’s first Materiality Assessment
• Third-party evaluation and investments in systems and processes to:
  • Achieve maximum quality and efficiency in end-to-end project management and execution;
  • Ensure we can meet future federal and state ESG reporting requirements;
  • Drive global supply chain compliance and performance, reduce risks, and enrich our supplier diversity spend; and
  • Ensure accurate capture and reporting of Scope 1 and 2 GHG emissions, and related audit readiness.
• Continued focus on operational excellence and financial performance; and
• Further strengthening of the balance sheet to support business strategy and objectives.

Reporting Standards and Framework

Consistency and transparency are critical for ESG planning and, as such, beginning with the 2021 Sustainability Report, Matrix has adopted the Sustainability Accounting Standards Board (SASB) reporting standards and included a SASB reference table that details where the information set forth by SASB for the construction and engineering sector can be found in our public reporting. In fiscal 2022, the Company also began reporting under the Financial Stability Board’s Task Force on Climate-related Financial Disclosure (TCFD) recommendations, as governed by the ISSB and IFRS Foundation.

By following SASB and TCFD, the Company strives to identify, disclose, and communicate sustainability information considered to be materially important to all stakeholders, and believe information reported under these frameworks will result in more consistent, comparable, and meaningful reporting.

The complete report is available on Matrix Service Company’s Investor Relations website at investors.matrixservicecompany.com/ESG

About Matrix Service Company        

Matrix Service Company (Nasdaq: MTRX), through its operating companies, is a leading North American industrial engineering, construction, and maintenance contractor headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia and Seoul, South Korea.

The Company reports its financial results in three key operating segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.

With a focus on sustainability, building strong Environment, Social and Governance (ESG) practices, and living our core values, Matrix ranks among the Top Contractors by Engineering-News Record, has been recognized for its Board diversification, is an active signatory to CEO Action for Diversity and Inclusion, and is recognized as a Great Place to Work®. To learn more about Matrix Service Company, visit www.matrixservicecompany.com and read our most recent Sustainability Report.

For more information about Matrix, please contact:

Kellie Smythe
Matrix Service Company
Senior Director, Investor Relations, Marketing, Communications
    and Sustainability
T: 918-359-8267
Email: ksmythe@matrixservicecompany.com

This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.

FAQ

What are the key highlights of Matrix Service Company's Fiscal 2024 Sustainability Report?

The key highlights include completing the first Materiality Assessment, investing in systems for project management and ESG reporting, focusing on operational excellence and financial performance, and strengthening the balance sheet to support business strategy and objectives.

Which reporting standards has Matrix Service Company (MTRX) adopted for its sustainability reporting?

Matrix Service Company 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.

What is the purpose of Matrix Service Company's (MTRX) Materiality Assessment?

The Materiality Assessment helps inform and prioritize Matrix Service Company's sustainability work and assists in meeting stakeholder expectations.

How is Matrix Service Company (MTRX) addressing greenhouse gas emissions reporting?

Matrix Service Company is investing in systems and processes to ensure accurate capture and reporting of Scope 1 and 2 GHG emissions, as well as related audit readiness.

Where can investors find Matrix Service Company's (MTRX) complete Fiscal 2024 Sustainability Report?

The complete Fiscal 2024 Sustainability Report is available on Matrix Service Company's Investor Relations website at investors.matrixservicecompany.com/ESG.