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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) is set to announce its third-quarter fiscal 2023 results on May 8, 2023, after market close. An earnings conference call will follow on May 9 at 10:30 AM Eastern time, where CEO John R. Hewitt and CFO Kevin S. Cavanah will discuss the financial results and future outlook.
Matrix offers engineering and construction services across various sectors and is recognized for strong ESG practices. Headquartered in Tulsa, Oklahoma, the company operates in North America and beyond, reporting financials across three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.
Matrix Service Company (Nasdaq: MTRX) announced the award of a greenfield project to build a second 600,000-barrel cryogenic ethane storage tank for a subsidiary of Enterprise Products Partners L.P. This project is significant for supporting the growing demand for ethane, a crucial petrochemical feedstock. The project has been added to Matrix's backlog in Q2 of Fiscal 2023. The engineering will be handled by Matrix PDM Engineering, leveraging over 65 years of experience in cryogenic infrastructure. This initiative aligns with Matrix's strategic focus on downstream project opportunities, including ethane and ethylene storage.
Matrix (TASE: MTRX) has appointed Idan Keret as the new Executive Director of Financial Services at its subsidiary, *Matrix USA*, focusing on North America and Europe. With over 20 years of experience, Keret aims to enhance Matrix's offerings in areas like cybersecurity, cloud computing, and financial crime prevention. Matrix, a leading tech services company, boasts 11,500 employees and a history of over 100 mergers and acquisitions since its inception in 2001. Its stock is included in the TA-125 index, recognized for its strong dividend yield and industry leadership for over 17 years.
Matrix Service Company (Nasdaq: MTRX) reported a strong second quarter for fiscal 2023, with revenue reaching $193.8 million, a 20% increase from the previous year. Project awards totaled $318.7 million, marking the highest level since Q1 2020, resulting in a book-to-bill ratio of 1.6. However, the quarter faced challenges with a $9.6 million adjustment on a legacy project and a $12.3 million goodwill impairment, causing a net loss of $32.8 million, or $1.22 per share. Despite these setbacks, the company's backlog grew by 25% to $740.5 million, driven by robust project awards and a positive outlook for future revenue growth.
Matrix Service Company (Nasdaq: MTRX) announces the rescheduling of its second quarter Fiscal 2023 results release to occur before market on February 9, 2023, followed by a conference call at 10:30 a.m. Eastern time. This call will feature John R. Hewitt, President and CEO, and Kevin S. Cavanah, Vice President and CFO. The live webcast for this event will be accessible via the Company’s Investor Relations page. Matrix Service Company operates in three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.
Matrix Service Company (Nasdaq: MTRX) has announced that its subsidiary has secured a significant contract for a 600,000 barrel cryogenic ethane storage tank for Enterprise Products, located along the Texas Gulf Coast. This project, included in the company’s backlog for the first quarter of Fiscal 2023, supports the rising global demand for ethane as a petrochemical feedstock. Engineering work will be performed by Matrix PDM Engineering. The CEO noted the ongoing trust from Enterprise and emphasized the company’s leadership in cryogenic infrastructure and growing downstream project opportunities.
Matrix Service Company (Nasdaq: MTRX) will release its Q2 Fiscal 2023 results on February 7, 2023, after market close. A conference call with CEO John R. Hewitt and CFO Kevin S. Cavanah will follow on February 8, 2023, at 10:30 a.m. ET. The call will be accessible via a webcast link. Matrix operates in three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions. The company emphasizes sustainability and strong ESG practices.
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