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 (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.
Matrix Service Company (Nasdaq: MTRX) has delayed the issuance of its fourth quarter earnings and annual report due to a misallocation of employee support time. Although management found the misallocated amount immaterial, the Audit Committee has engaged third-party advisors to review internal controls. The filing of the Form 10-K, initially due on September 13, 2022, is now extended to September 28, 2022, but there is no assurance that this deadline will be met. Further details regarding the rescheduled earnings call will follow in a separate announcement.
Matrix Service Company (Nasdaq: MTRX) will announce its Fiscal Year 2021 fourth quarter and annual results on September 12, 2022, after market close. A conference call is scheduled for September 13, 2022, at 10:30 a.m. Eastern Time, featuring CEO John R. Hewitt and CFO Kevin S. Cavanah. This event will be accessible via the Company's website, allowing investors to better understand financial performance across its segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.
Matrix Service Company (Nasdaq: MTRX) announced its subsidiary, Matrix Service Inc., has been awarded two EPC projects by Northrop Grumman for thermal vacuum chambers. The Gilbert, Arizona project, part of Northrop's satellite operations expansion, includes a state-of-the-art thermal vacuum chamber, with work awarded in Q4 FY2022. Additionally, a modernization EPC project is underway at Space Park in Redondo Beach, California. Matrix has a rich history in thermal vacuum chamber design and construction, having completed over 70 such projects, enhancing its standing as a leader in this sector.
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