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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) will announce its Fiscal Year 2021 second-quarter results after market close on February 8, 2021, followed by a conference call on February 9, 2021, at 10:30 a.m. Eastern Time. The call will feature President and CEO John R. Hewitt and Vice President and CFO Kevin S. Cavanah, who will also be available for a live broadcast on the company’s website. Matrix is a leading industrial engineering and construction contractor focused on three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.
Matrix Service Company (Nasdaq: MTRX) has been contracted by Corteva Agriscience to construct a new water recovery facility in Pittsburg, California. This project, now in backlog, commenced in the first quarter of fiscal 2021. It encompasses process piping, steel fabrication, and all civil, mechanical, and electrical construction. The CEO, John R. Hewitt, expressed pride in supporting Corteva's sustainability goals through this project.
Matrix Service Company (NASDAQ: MTRX) announced a Memorandum of Understanding with Chart Industries, Inc. to develop standardized hydrogen solutions across North America. This collaboration aims to enhance hydrogen liquefaction and storage facilities, expanding commercial opportunities for both companies.
The partnership emphasizes cost-effective solutions within the clean energy transition, drawing on Matrix's infrastructure expertise and Chart's advanced hydrogen equipment. Together, they plan to streamline the design, installation, and equipment supply for hydrogen-related projects, meeting the increasing demand in the market.
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.
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