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Matrix Service Company Reports Fiscal Year 2025 Third Quarter Results
MTRXMatrix Service pany(MTRX) GlobeNewswire·2025-05-07 20:05

Core Insights - Matrix Service Company reported strong revenue growth in the third quarter of fiscal 2025, driven by increased activity in its Storage & Terminal Solutions and Utility & Power Infrastructure segments, achieving a revenue of 200.2million,up21200.2 million, up 21% from 166.0 million in the same quarter of the previous year [5][9] - The company experienced a book-to-bill ratio of 1.5x for the quarter, indicating strong demand in core energy and industrial markets, with total project awards of 301.2million[7][13]−Despiteareductioninfiscalyearrevenueguidanceby10301.2 million [7][13] - Despite a reduction in fiscal year revenue guidance by 10% due to macroeconomic uncertainties, the company maintains a robust backlog of 1.4 billion and a project pipeline valued at 7billion,suggestingcontinuedgrowthpotential[3][4][18]FinancialSummary−Revenueforthethirdquarteroffiscal2025was7 billion, suggesting continued growth potential [3][4][18] Financial Summary - Revenue for the third quarter of fiscal 2025 was 200.2 million, a 21% increase from 166.0millionintheprioryear[5]−Grossmarginimprovedto166.0 million in the prior year [5] - Gross margin improved to 12.9 million (6.4%) compared to 5.6million(3.45.6 million (3.4%) in the same quarter of fiscal 2024, attributed to better performance in Utility and Power Infrastructure and Process and Industrial Facilities segments [6] - The company reported a net loss of (3.4) million or (0.12)pershare,animprovementfromanetlossof(0.12) per share, an improvement from a net loss of (14.6) million or (0.53)pershareintheprioryear[9]SegmentPerformance−TheStorageandTerminalSolutionssegmentsawrevenueincreaseby77(0.53) per share in the prior year [9] Segment Performance - The Storage and Terminal Solutions segment saw revenue increase by 77% to 96.1 million, driven by higher volumes in specialty vessel and LNG storage projects, although gross margin slightly decreased to 3.9% [10] - The Utility and Power Infrastructure segment's revenue rose 27% to 58.7million,withgrossmarginimprovingsignificantlyto9.458.7 million, with gross margin improving significantly to 9.4% due to effective project execution [11] - The Process and Industrial Facilities segment experienced a revenue decline to 45.4 million, primarily due to the completion of a large renewable diesel project, but gross margin improved to 8.3% [12] Backlog and Project Awards - The total backlog increased by 7.7% to 1.4billionasofMarch31,2025,withprojectawardstotaling1.4 billion as of March 31, 2025, with project awards totaling 301.2 million for the quarter [7][13] - The book-to-bill ratio for the quarter was 1.5x, with significant contributions from the Storage and Terminal Solutions segment, which had a book-to-bill ratio of 2.1x [13][42] Financial Position - As of March 31, 2025, the company had total liquidity of 247.1million,consistingof247.1 million, consisting of 185.5 million in unrestricted cash and cash equivalents, with no outstanding debt [16] - Cash flow from operations for the quarter was 31.2million,reflectingstrongscheduledpaymentsfromcustomers[14]FiscalYear2025Guidance−Thecompanyupdateditsfiscalyear2025revenueguidancetoarangeof31.2 million, reflecting strong scheduled payments from customers [14] Fiscal Year 2025 Guidance - The company updated its fiscal year 2025 revenue guidance to a range of 770 million to 800million,downfromthepreviousguidanceof800 million, down from the previous guidance of 850 million to $900 million, due to external uncertainties affecting project timelines [18]