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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 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.
Matrix Service Company (Nasdaq: MTRX) announced that President and CEO John R. Hewitt, along with CFO Kevin Cavanah, will present at the D.A. Davidson 20th Annual Diversified Industrials & Services Conference on September 22, 2021, at 5 PM ET, and the Sidoti Fall Small Cap Investor Conference on September 23, 2021, at 10 AM ET. One-on-one meetings are available with prior notice. Matrix provides industrial engineering and construction services and emphasizes sustainability, ranking among the Top Contractors by Engineering-News Record.
Matrix Service Company (Nasdaq: MTRX) is set to announce its Fiscal Year 2021 fourth quarter and annual results after market close on September 13, 2021. A follow-up conference call will occur on September 14 at 10:30 a.m. Eastern Time, featuring President and CEO John R. Hewitt and CFO Kevin S. Cavanah. The call will be broadcast live online, with a replay available shortly after. Matrix is a prominent North American engineering and construction contractor with diverse operations across various sectors, emphasizing sustainability and strong ESG practices.
Matrix Service Company (Nasdaq: MTRX) announced that its President and CEO, John R. Hewitt, along with CFO Kevin Cavanah, will participate in the Stifel 2021 Virtual Cross Sector Insight Conference on June 10, 2021, at 12:00 p.m. EST. The presentation will be available online via the Stifel Webcast link. One-on-one meetings with management can be scheduled in advance through Stifel or by contacting Matrix directly.
Matrix is recognized for its commitment to sustainability and strong ESG practices, ranking among the Top 100 Contractors by Engineering-News Record.
Matrix Service Company (MTRX) reported third-quarter fiscal 2021 revenue of $148.3 million, down from $248.3 million the previous year. The company experienced a loss of $0.49 per fully diluted share, with an adjusted loss of $0.43. A 0.9 book-to-bill ratio resulted in a backlog of $538.3 million. The impact of COVID-19 and severe weather affected project deliveries, but cost reductions of $60 million and a strong cash position of $73.8 million without debt set a foundation for potential recovery as market conditions improve.
Matrix Service Company (Nasdaq: MTRX) will announce its Fiscal Year 2021 third quarter results on May 10, 2021, after market close. A conference call is scheduled for May 11, 2021, at 10:30 a.m. Eastern Time, featuring CEO John R. Hewitt and CFO Kevin S. Cavanah. The call will be available for live streaming and replays on the company’s website. Matrix operates in key segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions, emphasizing sustainability and strong governance practices.
Matrix Service Company (Nasdaq: MTRX) announced that its subsidiary, Matrix Service Inc., will lead the first phase of construction for the Fort Cady Borate Mine Facility in California, selected by American Pacific Borates Limited (APB). This phase aims to produce 20,000 short tons of potassium sulfate and 9,000 short tons of boric acid annually. Construction is set to begin in Q1 2021. CEO John R. Hewitt expressed pride in contributing to this significant infrastructure project, emphasizing safety, quality, and timely delivery.
Matrix Service Company (MTRX) reported its Q2 2021 results, with revenue of $167.5 million, down from $318.7 million year-over-year, primarily due to COVID-19 impacts. The company posted a net loss of $4.6 million ($0.17 loss per share) but achieved cash flow from operations of $20.8 million and eliminated outstanding debt. Cost-saving initiatives led to $60 million in annualized savings. The backlog stood at $622.8 million, and project awards in the quarter totaled $111.8 million, signaling potential growth in the clean energy market.
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