Matrix Service (MTRX) came out with a quarterly loss of $0.33 per share versus the Zacks Consensus Estimate of a loss of $0.32. This compares to loss of $0.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.13%. A quarter ago, it was expected that this energy services company would post a loss of $0.21 per share when it actually produced a loss of $0.14, delivering a surprise of 33.33%.Over the last four quarters, the compa ...

TULSA, Okla., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading North American industrial engineering, construction, and maintenance contractor, today announced results for the first quarter of fiscal 2025 ended September 30, 2024. FIRST QUARTER FISCAL 2025 RESULTS(all comparisons versus the prior year quarter unless otherwise noted) Maintaining full year Fiscal 2025 Revenue Guidance of $900 to $950 millionTotal backlog of $1.4 billionTotal project awards in the quarter of $ ...

TULSA, Okla., Oct. 22, 2024 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading provider of engineering and construction services to the energy and industrial markets, announced today that it will release first quarter Fiscal 2025 results after market on Wednesday, November 6, 2024. On Thursday, November 7, 2024, at 10:30 a.m. Eastern time/9:30 a.m. Central time, Matrix Service Company will host a conference call to present and discuss the Company’s financial results and forward outlook. Ea ...

TULSA, Okla., Sept. 24, 2024 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading contractor to the energy and industrial markets across North America, today released its Fiscal 2024 Sustainability Report. "In addition to our focus on strengthening our operational excellence and financial performance, in fiscal 2024, our teams continued to advance sustainability at Matrix, which is embedded in our core values," said Matrix Service Company President and CEO John R. Hewitt. "Notably, we comple ...

Core Viewpoint - Matrix Service is experiencing positive momentum due to its strategic positioning in the energy and mining sectors, leading to significant stock price appreciation following its quarterly earnings report [2]. Financial Performance - In the fiscal 2024 fourth quarter, Matrix Service reported revenue of just under $190 million, a decrease from nearly $206 million in the same quarter of fiscal 2023 [3]. - The company's adjusted net loss was $3.9 million ($0.14 per share), slightly worse than the previous year's loss of $3 million [3]. - Analysts had anticipated higher revenue of just under $203 million and a deeper adjusted net loss of $0.21 per share [4]. Future Outlook - Matrix Service forecasts revenue for fiscal 2025 to be between $900 million and $950 million, significantly higher than the fiscal 2024 total of $728 million and above analysts' consensus estimate of slightly under $890 million [5]. - The company indicates strong demand in its core markets and expects double-digit percentage revenue growth [5].

Financial Performance - Total revenue for fiscal 2024 was $795.0 million, a decrease of $66.8 million or 8% compared to fiscal 2023[140]. - Total revenue for fiscal 2024 was $728.2 million, a decrease of $66.8 million or 8% compared to $795.0 million in fiscal 2023[147]. - Revenue for the fiscal year ended June 30, 2024, was $728,213,000, a decrease of 8.4% from $795,020,000 in the previous year[223]. - Gross profit increased to $40,473,000 for the fiscal year ended June 30, 2024, compared to $30,820,000 in the prior year, reflecting a significant improvement[223]. - Net loss for the fiscal year ended June 30, 2024, was $24,976,000, an improvement from a net loss of $52,361,000 in the previous year, indicating a reduction of 52.3%[225]. - The company reported a comprehensive loss of $25,742,000 for the fiscal year ended June 30, 2024, down from $52,955,000 in the previous year, indicating a 51.4% improvement[225]. Backlog and Awards - The company achieved $1.1 billion in new awards added to backlog during fiscal 2024, resulting in a total backlog of $1.4 billion and a book-to-bill ratio of 1.5[134]. - Backlog in the Storage and Terminal Solutions segment increased by 194.9%, with project awards totaling $804.4 million during fiscal 2024[137]. - The Utility and Power Infrastructure segment booked $104.1 million in project awards during fiscal 2024, with strong long-term opportunities expected[138]. - The Process and Industrial Facilities segment saw project awards of $182.4 million, driven by client spending on refinery maintenance and turnaround operations[138]. - Approximately 47% of the total backlog reported as of June 30, 2024, is expected to be recognized as revenue within fiscal 2025[139]. Cash Flow and Liquidity - The company generated positive cash flows from operations, improving its overall cash balance by $60.8 million during fiscal 2024[134]. - Cash flows provided by operating activities totaled $72.6 million for the fiscal year ended June 30, 2024[165]. - Unrestricted cash and cash equivalents at June 30, 2024, were $115.6 million, contributing to total liquidity of $169.6 million[156]. - The company repaid all outstanding borrowings under the ABL Facility during fiscal 2024, with a borrowing base of $60.9 million[162]. - The company experienced a net increase in cash and cash equivalents of $60,803 thousand, a significant improvement from an increase of $2,441 thousand in the prior year[229]. Segment Performance - Storage and Terminal Solutions revenue increased by $21.1 million, or 8%, to $276.8 million in fiscal 2024, driven by specialty vessel projects[149]. - Utility and Power Infrastructure revenue rose by $14.4 million, or 9%, to $183.9 million, primarily due to higher volumes from peak shaving projects[151]. - Process and Industrial Facilities revenue decreased by $103.6 million, or 28%, to $266.3 million, mainly due to lower volumes in midstream gas processing and refinery maintenance[153]. - The segment gross margin for Process and Industrial Facilities improved to 8.2% in fiscal 2024 from 2.9% in fiscal 2023, reflecting strong project execution[154]. Goodwill and Impairment - The company performed its annual goodwill impairment test as of May 31, 2024, resulting in no impairment, but indicated that two reporting units with a combined total of $16.6 million of goodwill were at higher risk of future impairment[184]. - The company recognized a goodwill impairment of $12,316 thousand in the previous fiscal year, which was not present in the current fiscal year, indicating improved asset performance[229]. - The estimated fair values of the two reporting units with a combined total of $16.6 million of goodwill exceed their carrying values by 13% to 70%[217]. Stock and Compensation - As of June 30, 2024, there were 1,349,037 shares available for repurchase under the Stock Buyback Program, with no repurchases made during fiscal 2024[172]. - Total stock-based compensation expense for fiscal year ended June 30, 2024, was $7.7 million, compared to $6.8 million in fiscal 2023[318]. - The company has a total of 2,472,567 shares available for grant under the amended 2020 Stock and Incentive Compensation Plan as of June 30, 2024[320]. Tax and Valuation - The total income tax provision for fiscal 2024 was $(36,000), compared to $(400,000) in fiscal 2023 and $5.6 million in fiscal 2022[295]. - Deferred tax assets totaled $5.5 million as of June 30, 2024, with a valuation allowance of $(49.4 million)[297]. - The company has net operating loss carryforwards and tax credit carryforwards, with a valuation allowance reducing the recognized tax benefit[300]. Operational Risks - The company has no direct commodity exposure but faces risks from rising prices of key materials like steel and copper due to global supply chain disruptions[193]. - A 10% unfavorable change in the Canadian Dollar against the U.S. Dollar would not have materially impacted financial results for the fiscal year ended June 30, 2024[192].

Matrix Service (MTRX) came out with a quarterly loss of $0.14 per share versus the Zacks Consensus Estimate of a loss of $0.21. This compares to loss of $0.11 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 33.33%. A quarter ago, it was expected that this energy services company would post a loss of $0.13 per share when it actually produced a loss of $0.53, delivering a surprise of -307.69%. Over the last four quarters, the co ...

Financial Performance - Revenue for Q4 fiscal 2024 was $189.5 million, a decrease from $205.9 million in Q4 fiscal 2023[4] - Full-year fiscal 2024 revenue totaled $728.2 million, with a book-to-bill ratio of 1.5x[2] - Net loss for Q4 fiscal 2024 was $4.4 million, or $(0.16) per share, compared to a net loss of $0.3 million, or $(0.01) per share in Q4 fiscal 2023[6] - Adjusted EBITDA for fiscal 2024 was $(10.5) million, an improvement from $(18.0) million in fiscal 2023[1] - Full-year fiscal 2025 revenue guidance is projected between $900 million and $950 million, indicating a 24% to 30% increase[10] - Revenue for the three months ended June 30, 2024, was $189,499,000, a decrease from $205,854,000 for the same period in 2023, representing a decline of approximately 7.5%[19] - Gross profit for the three months ended June 30, 2024, was $12,447,000, down from $14,695,000 in the prior year, indicating a decrease of about 15.3%[19] - The net loss for the three months ended June 30, 2024, was $4,377,000, compared to a net loss of $336,000 for the same period in 2023, reflecting a significant increase in losses[19] - Total revenue for the fiscal year ended June 30, 2024, was $276,800 thousand, up from $183,920 thousand in the previous fiscal year, marking an increase of approximately 51%[29] - Adjusted net loss for the fiscal year ending June 30, 2024, was $29.017 million, down from $39.808 million in the previous year[40] Cash Flow and Assets - Cash flow from operations for fiscal 2024 was $72.6 million, up from $10.2 million in fiscal 2023[13] - Total current assets increased to $301,591,000 as of June 30, 2024, from $262,256,000 as of June 30, 2023, marking an increase of approximately 15%[21] - Cash and cash equivalents increased to $115,615,000 as of June 30, 2024, up from $54,812,000 in the previous year, indicating a growth of approximately 110%[21] - Net cash provided by operating activities for the three months ended June 30, 2024, was $47,004,000, a significant increase from $7,844,000 in the prior year[25] Segment Performance - The Storage and Terminal Solutions segment revenue increased to $70.0 million in Q4 fiscal 2024, compared to $64.1 million in Q4 fiscal 2023[7] - The Utility and Power Infrastructure segment revenue rose to $65.3 million in Q4 fiscal 2024, up from $39.1 million in Q4 fiscal 2023[7] - The Process and Industrial Facilities segment revenue decreased to $54.2 million in Q4 fiscal 2024, down from $102.7 million in Q4 fiscal 2023[8] Liabilities and Expenses - Total liabilities rose to $287,169,000 as of June 30, 2024, compared to $219,020,000 a year earlier, representing an increase of about 31%[23] - Total selling, general and administrative expenses for the three months ended June 30, 2024, were $5,461 thousand, compared to $2,585 thousand in the same period last year, reflecting an increase of approximately 111%[27] - The company incurred restructuring costs of $501,000 for the three months ended June 30, 2024, compared to $261,000 in the same period last year[19] Profitability Metrics - The gross profit margin for the fiscal year ended June 30, 2024, was approximately 4.1%, down from 5.1% in the previous fiscal year, highlighting a decline in profitability[29] - Adjusted EBITDA for the three months ended June 30, 2024, was $0.231 million, a decrease from $2.157 million in the same period of 2023[48] - Operating loss for the three months ended June 30, 2024, was $(5,347,000), compared to $(2,597,000) in the prior year, reflecting a worsening of approximately 106%[19] - Loss per fully diluted share for the three months ended June 30, 2024, was $(0.16), compared to $(0.01) for the same period in 2023[40] - Adjusted loss per fully diluted share for the three months ended June 30, 2024, was $(0.14), compared to $(0.11) in the prior year[40] Other Financial Events - The company recorded a gain of $2.5 million from the sale of its Burlington, ON office and a $2.0 million gain from the sale of its Catoosa, OK facility in fiscal 2024[48] - Goodwill impairment for the fiscal year ending June 30, 2024, was recorded as $12.316 million[48] - Interest expense for the three months ended June 30, 2024, was $0.343 million, down from $0.468 million in the same period of 2023[48] - Depreciation and amortization for the three months ended June 30, 2024, was $2.686 million, compared to $3.195 million in the prior year[48]

TULSA, Okla., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading North American industrial engineering, construction, and maintenance contractor, today announced results for the fourth quarter and year ended June 30, 2024. FOURTH QUARTER FISCAL 2024 RESULTS (all comparisons versus the prior year quarter unless otherwise noted) Total backlog of $1.4 billion, +31% on a year-over-year basis Total project awards in the quarter of $175.9 million, resulting in a book-to-bill ratio ...

TULSA, Okla., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that President and Chief Executive Officer John R. Hewitt, Vice President and Chief Financial Officer Kevin Cavanah, and Senior Director of Investor Relations Kellie Smythe, will be attending the D. A. Davidson 23rd Annual Diversified Industrials & Services Conference scheduled for September 18 – 20, 2024 in Nashville, Tennessee. One-on-one meetings with management are available during the conference with ...