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 (Nasdaq: MTRX) reported financial results for Q1 fiscal 2021, revealing revenues of $182.8 million, down from $338.1 million year-over-year, resulting in a loss per diluted share of $0.12. The decline is attributed to ongoing pandemic impacts affecting client spending. Despite strong project execution, gross profit fell to $14.4 million (7.9% margin). The company ended the quarter with a backlog of $678.4 million and total liquidity of $133.9 million. A credit facility was extended to November 2023, enhancing financial flexibility.
Engine Capital, a shareholder of Matrix Service Company (MTRX), has publicly disclosed a presentation to the Board, criticizing the company's performance under CEO Mr. Hewitt. The report points out ineffective capital allocation, a failed growth strategy, high operational costs, and poor mergers and acquisitions. Recommendations include halting M&A activities until a new leadership team is in place, significantly reducing costs, and repurchasing shares aggressively due to undervaluation. The full presentation is accessible on a dedicated website.
Matrix Service Company (Nasdaq: MTRX) will announce its Fiscal Year 2021 first quarter results, ending September 30, 2020, on November 4, 2020, after market close. A conference call with CEO John R. Hewitt and CFO Kevin S. Cavanah is scheduled for November 5, 2020, at 10:30 a.m. Eastern Time. The call will discuss financial performance and will be available for online access on the company's website. Matrix provides industrial engineering and construction services across North America and beyond, focusing on utility, process, and storage segments.
Matrix Service Company (MTRX) announced its fifth consecutive year of certification as a great workplace by Great Place To Work®. The certification is based on anonymous employee surveys, reflecting the company's commitment to fostering a diverse and inclusive work environment. President and CEO John R. Hewitt emphasized the importance of employee feedback in enhancing workplace culture, particularly during challenging times. Matrix Service Company is recognized for its values and has previously been listed among Forbes' Top 100 Most Trustworthy Companies in America.
Matrix Service Company (Nasdaq: MTRX) announced that its President and CEO John R. Hewitt, along with CFO Kevin Cavanah, will participate in the Sidoti Virtual Investor Conference on September 23-24, 2020. The Company will present on September 24 from 3:15 to 3:45 p.m. eastern time. One-on-one meetings with management can be scheduled in advance by contacting the Company.
Matrix Service Company (MTRX) announced participation in the DA Davidson 19th Annual Diversified Industrials & Services Conference on September 22-23, 2020. The event will be virtual, with opportunities for one-on-one meetings with management available upon prior notice. Matrix is recognized for its strong core values and has been listed among Forbes Top 100 Most Trustworthy Companies.
Matrix Service Company (Nasdaq: MTRX) will announce its Fiscal Year 2020 fourth quarter results on September 2, 2020, followed by a conference call on September 3, 2020. The company is realigning its reporting segments into three key areas: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions. This reorganization aims to better reflect strategic goals and growth opportunities in renewable energy sectors and upgraded North American electrical infrastructure.
Matrix Service Company (Nasdaq: MTRX) announced that its CEO, John R. Hewitt, along with CFO Kevin Cavanah, will present at the Stifel 2020 Virtual Cross Sector Insight Conference on June 10, 2020, at 3:20 p.m. ET. The company, based in Tulsa, Oklahoma, specializes in energy and power market contracting across North America. One-on-one virtual meetings with management can be scheduled for interested investors. Founded in 1984, Matrix has been recognized for its corporate integrity and workplace culture.
Matrix Service Company (Nasdaq: MTRX) reported Q3 fiscal 2020 results with revenues of $248.3 million, down from $358.9 million year-over-year, primarily due to COVID-19 impacts and withdrawal from the iron and steel market. The company recorded a loss of $0.21 per share, contrasting with earnings of $0.33 in the prior year. Strong liquidity remains, with $216.3 million in total liquidity. Backlog stood at $727.1 million. A restructuring plan is expected to yield $40 million in annual savings. Uncertainty remains regarding revenue expectations for the remainder of 2020 and into 2021.
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