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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) announced a significant contract extension for engineering, procurement, and construction of a natural gas processing facility, aimed at doubling capacity. This project highlights the critical role of North American natural gas infrastructure in meeting global energy demands and transitioning to cleaner energy sources. The company’s expertise is also extended to LNG, NGLs, and renewable fuels. The ability to support client needs amid rising energy demands positions Matrix for growth in traditional and clean energy markets.
Matrix Service Company (Nasdaq: MTRX) announced its subsidiary Matrix NAC has secured a contract for greenfield construction of a substation and related work for Talen Energy's Cumulus Data at the Susquehanna data center campus, Pennsylvania. This campus, which will leverage Talen's nuclear facility, is set to offer up to 475 MW of reliable, carbon-free energy. The project enhances Matrix's electrical infrastructure services and aligns with sustainable energy initiatives. The CEO expressed confidence in completing the project safely and on budget.
Matrix Service Company (MTRX) reported its fiscal Q2 2022 results, showing project awards of $192.2 million and a book-to-bill ratio of 1.2. The backlog rose to $591.6 million, a 28% increase since the beginning of the fiscal year. Despite a revenue drop to $162.0 million and a loss per share of $0.93, adjusted losses were $0.38. The company is expanding its business development team and joined the Hydrogen Council, reflecting a commitment to clean energy. The management expects improving market conditions and cost reductions to enhance profitability in Q4 2022.
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.
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