Matrix Service Company Set to Join Russell 3000® Index

Rhea-AI Summary

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.

Positive

• Inclusion in Russell 3000® Index enhances visibility and credibility.
• Automatic inclusion in either Russell 1000 or Russell 2000 Index provides broader exposure.
• Record backlog of nearly $1.5 billion as of March 31, 2024, indicates strong future revenue potential.

Negative

• None.

TULSA, Okla., July 01, 2024 (GLOBE NEWSWIRE) --  Matrix Service Company (NASDAQ: MTRX) (“Matrix Service Company,” “Matrix”, or “the Company”), a leading engineering and construction contractor to the energy and industrial markets, today announced its addition to the Russell 3000^® Index, effective after the close of the U.S. equity markets on June 28, 2024.

Membership in the U.S. all-cap Russell 3000^® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.

“Our addition to the Russell 3000 is an important milestone for our entire organization, and a testament to our collective focus on long-term value creation,” said Matrix Service Company president and CEO John R. Hewitt. “Matrix continues to build a leading specialty engineering services platform uniquely positioned to support a deep pipeline of infrastructure-related projects across diverse, growing end-markets, as reflected by our record backlog of nearly $1.5 billion as of March 31, 2024. We look forward to introducing our investment thesis to new pools of institutional capital through our inclusion in the Index.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to data as of the end of December 2023, about $10.5 trillion in assets are benchmarked against the Russell U.S. indexes, which belong to FTSE Russell, a prominent global index provider.

ABOUT MATRIX SERVICE COMPANY         

Matrix Service Company (Nasdaq: MTRX), through its subsidiaries, 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: Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities. 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
T: 918-359-8267
Email: ksmythe@matrixservicecompany.com

ABOUT FTSE RUSSELL

FTSE Russell is a leading global provider of benchmarking, analytics, and data solutions for investors, giving them a precise view of the market relevant to their investment process. A comprehensive range of reliable and accurate indexes provides investors worldwide with the tools they require to measure and benchmark markets across asset classes, styles, or strategies.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products, and index-based derivatives. ​​​​​​​

FTSE Russell is focused on applying the highest industry standards in index design and governance, employing transparent rules-based methodology informed by independent committees of leading market participants. FTSE Russell fully embraces the IOSCO Principles, and its Statement of Compliance has received independent assurance. Index innovation is driven by client needs and customer partnerships, allowing FTSE Russell to continually enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit https://www.lseg.com/en/ftse-russell.

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

When will Matrix Service Company (MTRX) be added to the Russell 3000® Index?

Matrix Service Company (MTRX) will be added to the Russell 3000® Index after the close of U.S. equity markets on June 28, 2024.

What does inclusion in the Russell 3000® Index mean for Matrix Service Company (MTRX)?

Inclusion means Matrix Service Company (MTRX) will automatically be part of either the Russell 1000 or Russell 2000 Indexes, enhancing its visibility and credibility among institutional investors.

How long will Matrix Service Company (MTRX) remain in the Russell 3000® Index?

Matrix Service Company (MTRX) will remain in the Russell 3000® Index for one year.

What is the significance of Matrix Service Company's (MTRX) record backlog?

Matrix Service Company's (MTRX) record backlog of nearly $1.5 billion as of March 31, 2024, reflects strong future revenue potential and a robust pipeline of infrastructure-related projects.

How much in assets is benchmarked against the Russell U.S. indexes?

Approximately $10.5 trillion in assets are benchmarked against the Russell U.S. indexes.