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Corporate Overview
Matrix Service Company (MTRX) is a distinguished industrial contracting firm with its roots dating back to 1984, headquartered in Tulsa, Oklahoma. It is renowned for its extensive expertise in engineering, construction, and maintenance services, servicing key sectors such as energy, power, petrochemical, industrial, mining, and minerals. With a robust presence across North America and strategic international offices in Sydney and Seoul, Matrix exemplifies technical excellence and operational versatility in the industrial engineering space.
Core Business Areas
Matrix Service Co operates through a well-diversified business model that includes:
- Engineering and Construction: Delivering comprehensive engineering, procurement, fabrication, and construction solutions for large-scale industrial projects.
- Maintenance and Industrial Cleaning: Ensuring optimal performance and longevity of industrial assets with services tailored to high-demand operational environments.
- Storage and Terminal Solutions: Specializing in the design and construction of aboveground storage tanks and specialty vessels, critical to the efficient handling of bulk liquids and gases.
Operational Segments and Market Position
The company divides its operations into three fundamental segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions. This segmentation allows Matrix to tailor its services precisely to the market requirements of diverse industries, ensuring strong technical and project management capabilities across its portfolio.
Within a competitive landscape characterized by cost efficiencies and technological innovation, Matrix Service Co differentiates itself by leveraging decades of legacy expertise combined with dynamic, multi-disciplinary service teams and advanced project execution methodologies. The company's structured approach to large-scale projects — often involving complex, custom-fabricated solutions — reinforces its reputation as a dependable industrial contractor that consistently meets rigorous safety and quality standards.
Innovative Engineering and Global Reach
Matrix Service Company’s commitment to engineering excellence is further underscored by its strategic partnerships and technological collaborations. By aligning with industry peers and technology providers, the company optimizes its service delivery in areas such as cryogenic infrastructure and sustainable energy solutions. These collaborative endeavors not only consolidate its market position but also extend its capacity to undertake projects that require sophisticated engineering know-how and precise execution.
Commitment to Quality and Expertise
At the core of Matrix Service Co’s value proposition is its unwavering focus on quality and customer-centric service. The company takes pride in its robust internal frameworks for project management, safety, and operational efficiency. Its diverse portfolio of subsidiaries contributes to a comprehensive service offering that spans from initial design and engineering to the full lifecycle management of industrial facilities.
Strategic Business Model and Industry Insight
Matrix Service Company maintains a balanced approach to securing project awards and executing delivery. With careful bidding discipline and an emphasis on profitable growth, the company aligns its operational practices with market demands while mitigating common industry risks. Its ability to manage and integrate complex projects across multiple regions and technical disciplines highlights a strategic business model based on deep technical expertise, innovative solutions, and a proven track record of success in demanding industrial markets.
This detailed overview illustrates how Matrix Service Company stands as a significant and trusted contractor in the realm of industrial engineering and construction, offering an integrated suite of services that supports the efficient operation and enhancement of critical infrastructure worldwide.
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.
Matrix Service Company (MTRX) reported Q1 fiscal 2023 revenue of $208.4 million, a 24% increase year-over-year. Project awards reached $234.6 million, leading to a book-to-bill ratio of 1.1 and a backlog of $615.7 million. Adjusted EBITDA improved to $0.8 million from a loss of $12.0 million in the prior quarter. The net loss narrowed to $6.5 million or $0.24 per share.
Management expects continued improvement in revenue and margins due to strong project execution and a growing backlog.
Matrix Service Company (MTRX) announced that its subsidiary, Matrix NAC, will undertake engineering, procurement, and construction upgrades to a LNG peak shaving facility for a major utility in the Mid-Atlantic U.S. The project, which includes a new gas liquefaction and vaporization system, is expected to be included in the backlog for Q2 of Fiscal 2023. The company emphasizes its 60 years’ experience in cryogenic infrastructure and aims to deliver the project safely, on time, and on budget.
Matrix Service Company (MTRX) will release its fiscal Q1 2023 financial results on November 7, 2022, after market close. A conference call will follow on November 8, 2022, at 10:30 AM Eastern Time. The call will feature President and CEO John R. Hewitt and Vice President and CFO Kevin S. Cavanah, and it will be accessible via a webcast link on the company’s website. Matrix operates in three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions, emphasizing sustainability and strong ESG practices.
Matrix Service Company (Nasdaq: MTRX) reported a 13% revenue increase in Q4 2022, totaling $200.7 million, with full-year revenue at $707.8 million. Project awards reached $196 million in Q4, achieving a book-to-bill ratio of 1.0 and a full-year ratio of 1.2. Despite a backlog growth of 27%, gross margins were low, with Q4 at 0.4%. The company recorded a net income of $13.5 million, or $0.50 per diluted share. A significant sale of a facility generated a $32.4 million gain. Liquidity stood at $94.8 million, contributing to an optimistic outlook for future growth.
Matrix Service Company (Nasdaq: MTRX) announced on September 30, 2022, that it received a notice from Nasdaq regarding non-compliance with filing requirements. The company failed to submit its Annual Report for the fiscal year ending June 30, 2022, by the September 28 deadline. However, this notice has no immediate impact on the trading of MTRX shares. Matrix has until November 28, 2022, to submit a compliance plan to Nasdaq, potentially extending the deadline to March 27, 2023, for filing. The company aims to file the 10-K in early October 2022, maintaining compliance with SEC obligations.
Matrix Service Company (Nasdaq: MTRX) is set to announce its Fiscal Year 2022 fourth quarter results on October 7, 2022, before market opening. This follows a delay in filing its 10-K due to an ongoing review of internal controls. The earnings call will include insights from President and CEO John R. Hewitt and CFO Kevin S. Cavanah. Matrix operates in three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions, and has a growing focus on sustainability and ESG practices.
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