Matrix Svc Co Stock Price, News & Analysis

Matrix Service Company (Nasdaq: MTRX), a leading provider of engineering and construction services to the energy and industrial markets, has announced the dates for its fourth quarter and Fiscal 2024 financial results release and conference call. The company will release its results after market on Monday, September 9, 2024. A conference call to discuss the financial results and forward outlook will be held on Tuesday, September 10, 2024, at 10:30 a.m. Eastern time/9:30 a.m. Central time.

Investors and interested parties can access a live audio-visual webcast through the company's website or a provided webcast link. The conference call will be recorded and available for replay within one hour of completion.

Matrix Service Company (NASDAQ: MTRX), a leading engineering and construction contractor, announced its inclusion in the Russell 3000® Index, effective post-market close on June 28, 2024. This membership will last for one year and includes automatic inclusion in either the large-cap Russell 1000 Index or the small-cap Russell 2000 Index, as well as relevant growth and value style indexes. FTSE Russell determines inclusion based on market capitalization and style attributes. President and CEO John R. Hewitt highlighted this milestone as a reflection of the company's commitment to long-term value creation and its strong project backlog, which reached nearly $1.5 billion as of March 31, 2024. The Russell indexes, managed by FTSE Russell, are benchmarks for around $10.5 trillion in assets.

Matrix Service Company (Nasdaq: MTRX) announced that key executives, including President and CEO John R. Hewitt, CFO Kevin Cavanah, and Senior Director of Investor Relations Kellie Smythe, will attend the Stifel Cross-Sector Insight Conference on June 4 and 5, 2024. Attendees can schedule one-on-one meetings with Matrix's management by prior notice, either through the conference or directly via Matrix Service Company's investor relations contact.

Matrix Service Company (Nasdaq: MTRX) reported its third-quarter fiscal 2024 results with a total backlog of $1.45 billion, a 74% increase year-over-year, the highest in company history. Revenue declined by 11% to $166.0 million, with adjusted EBITDA at ($9.8) million. Despite the revenue drop, cash flow from operations increased by 25% to $25 million. The company remains optimistic about future project activity and profitability, with a focus on maintaining strong bidding discipline. Matrix anticipates improved fixed cost absorption and margin expansion as projects in backlog convert to revenue. Key growth areas include transmission and distribution, specialty storage and terminals, and energy transition markets. The company maintains a strong financial position with cash and credit availability of $135.0 million and no outstanding debt.