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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) 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.
Matrix Service Company (Nasdaq: MTRX) announced its participation in the Sidoti Summer Virtual Small Cap Investor Conference on June 15, 2022. President Kevin Cavanah and CFO Kellie Smythe will present, with opportunities for one-on-one meetings available for interested investors. Headquartered in Tulsa, Oklahoma, 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, earning recognition as a Top Contractor and a Great Place to Work.
Matrix Service Company (MTRX) announced that its Vice President and CFO, Kevin Cavanah, alongside Senior Director of Investor Relations, Kellie Smythe, will present at the Stifel 2022 Cross Sector Insight Conference on June 7, from 4:45 to 5:15 p.m. EST. Attendees can arrange one-on-one meetings with management in advance by contacting Stifel or Matrix directly. Matrix, a leader in industrial engineering and construction, maintains a focus on sustainability while being recognized for its strong ESG practices.
Matrix Service Company (Nasdaq: MTRX) has appointed Jose Luis Martin de Bustamante to its Board of Directors, expanding the board from seven to eight members. Bustamante, with extensive leadership experience from Fluor Corporation, brings valuable expertise in business development and managing large projects across various international markets. His appointment aligns with the company’s growth strategy in diverse sectors, underlining a commitment to a diverse board with 37.5% gender or ethnic diversity. This move is anticipated to enhance Matrix's operational capabilities.
Matrix Service Company (Nasdaq: MTRX) announced its subsidiary, Matrix Service Inc., has secured a contract from Hensel Phelps for the engineering, procurement, and construction of three jet fuel storage tanks at Houston Hobby Airport. This expansion will increase fuel capacity by 120,000 barrels. Construction is set to begin in early July 2022, with all tanks operational by late 2022. CEO John R. Hewitt emphasized their commitment to safety and quality, marking a significant first collaboration with Hensel Phelps.
Matrix Service Company (MTRX) has commenced construction on a Small-Scale Boron Facility for 5E Advanced Materials, Inc. in Newberry Springs, California. This facility aims to produce boron, a crucial component for decarbonization technologies, marking the first U.S. boron production in over 50 years. Scheduled to be operational by late 2022, it will enable technology partnerships and advanced material development. The project signifies a strategic move towards securing domestic material sources critical for energy transition and food security applications.
Matrix Service Company (MTRX) reported Q3 fiscal 2022 results with revenue of $177.0 million, up $15.0 million from the previous quarter, but posted a loss per share of $1.30. The company secured $179.7 million in project awards, boosting year-to-date awards to $638.7 million, an 81% increase year-over-year, resulting in a book-to-bill ratio of 1.3. Backlog increased by 28% to $594.2 million. Despite improved liquidity of $86.8 million and no debt, ongoing project delays and an $18.3 million goodwill impairment impacted financial performance.
Matrix Service Company (Nasdaq: MTRX) will release its Fiscal Year 2022 third-quarter results after the market closes on May 9, 2022. The earnings report will be followed by a conference call on May 10, 2022, at 10:30 a.m. Eastern time, to be hosted by President and CEO John R. Hewitt and CFO Kevin S. Cavanah. The call will be available for live streaming on the company’s website and accessible for replay shortly after the live event. Matrix operates in three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.
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