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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 (MTRX) announced its entry into the Hydrogen Council, a global coalition aimed at advancing hydrogen as a clean energy source. The CEO, John R. Hewitt, expressed pride in this membership, emphasizing collaboration with other leaders to enhance hydrogen infrastructure across North America. The company is focusing on expanding its capabilities in hydrogen solutions, including liquefaction plants and fueling stations, supported by partnerships with technology providers like Chart Industries. This move aligns with Matrix's goals of sustainability and innovation in the energy sector.
Matrix Service Company (Nasdaq: MTRX) will announce its Fiscal Year 2022 second quarter results on February 7, 2022, after market close. A conference call featuring President and CEO John R. Hewitt and Vice President and CFO Kevin S. Cavanah will take place on February 8, 2022, at 10:30 a.m. ET. The conference call will be available for live streaming on the company's website. Matrix operates in three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.
Matrix Service Company (Nasdaq: MTRX) has secured a significant project from The Chemours Company for Front-End Engineering Design (FEED) and detail engineering services at Chemours' Washington Works facility in West Virginia. This project marks the first assignment under a newly established Master Service Agreement. Chemours emphasized Matrix’s capable team and effective execution plan as key selection factors. The Washington Works facility is Chemours' largest site for Advanced Performance Materials, crucial for various industries including construction and aerospace.
Matrix Service Company (MTRX) announced the hiring of industry experts Camron Azadan and Mohamed Abdelaziz to bolster its business development team. Azadan, with 25 years of experience, will focus on hydrogen and renewable energy solutions, while Abdelaziz, with 15 years in operations and strategic development, will enhance services in Eastern Canada. These additions aim to strengthen Matrix’s market position in the growing clean energy sector, essential for clients’ carbon footprint reduction strategies.
Matrix Service Company (MTRX) reported its first quarter fiscal 2022 results with revenue of $168.1 million, down from $174.9 million in the previous quarter. The company posted a loss per diluted share of $0.66, adjusted to $0.60. Notably, project awards reached $266.9 million, yielding a book-to-bill ratio of 1.6, the highest since Q1 FY2020. The backlog increased by 21.4% to $561.4 million. The strong project awards signal client confidence, and liquidity remains solid with no debt. However, operational challenges in segments led to a low gross margin of -2.1%.
Matrix Service Company (MTRX) will announce its Fiscal Year 2022 first-quarter results after market close on November 8, 2021. The conference call will be held on November 9, 2021, at 10:30 a.m. ET, featuring CEO John R. Hewitt and CFO Kevin S. Cavanah. Investors can access the call via 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 (MTRX) announced its subsidiary has been awarded a contract for engineering, fabrication, and construction of seven storage tanks at Calumet Specialty Products Partners' facility in Great Falls, Montana. This project is aimed at supporting the production of renewable fuels, expected to generate up to 12,000 barrels per day. The facility is scheduled to commence operations in the second quarter of 2022. Matrix Service aims to deliver this project safely, on time, and on budget, contributing to North America's energy transition.
Matrix Service Company (Nasdaq: MTRX) announced on October 13, 2021, that its subsidiary Matrix NAC secured multiple contracts totaling approximately $50 million for electrical infrastructure work in the first quarter of Fiscal 2022. Projects include substation rebuilds, relay upgrades, and fiber installation. CEO John R. Hewitt emphasized the company's trusted brand position in the northeastern U.S. The company has also enhanced its Contractor of Choice relationships, further supporting market growth.
Matrix Service Company (MTRX) reported an 18% revenue increase in Q4 2021, totaling $174.9 million, compared to $148.3 million in Q3. Full-year revenue reached $673.4 million. The company secured $99.1 million in project awards, leading to a backlog of $462.6 million. Despite a net loss of $10.7 million and a loss per share of $0.40 due to project-related costs and a settlement, the company maintains a strong balance sheet with $83.9 million in cash and no debt. A $100 million credit facility will enhance financial flexibility.
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