Matrix Svc Co Stock Price, News & Analysis

Matrix Service Company (Nasdaq: MTRX) is set to announce its third-quarter fiscal 2023 results on May 8, 2023, after market close. An earnings conference call will follow on May 9 at 10:30 AM Eastern time, where CEO John R. Hewitt and CFO Kevin S. Cavanah will discuss the financial results and future outlook.

Matrix offers engineering and construction services across various sectors and is recognized for strong ESG practices. Headquartered in Tulsa, Oklahoma, the company operates in North America and beyond, reporting financials across three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.

Matrix Service Company (Nasdaq: MTRX) announced the award of a greenfield project to build a second 600,000-barrel cryogenic ethane storage tank for a subsidiary of Enterprise Products Partners L.P. This project is significant for supporting the growing demand for ethane, a crucial petrochemical feedstock. The project has been added to Matrix's backlog in Q2 of Fiscal 2023. The engineering will be handled by Matrix PDM Engineering, leveraging over 65 years of experience in cryogenic infrastructure. This initiative aligns with Matrix's strategic focus on downstream project opportunities, including ethane and ethylene storage.

Matrix (TASE: MTRX) has appointed Idan Keret as the new Executive Director of Financial Services at its subsidiary, *Matrix USA*, focusing on North America and Europe. With over 20 years of experience, Keret aims to enhance Matrix's offerings in areas like cybersecurity, cloud computing, and financial crime prevention. Matrix, a leading tech services company, boasts 11,500 employees and a history of over 100 mergers and acquisitions since its inception in 2001. Its stock is included in the TA-125 index, recognized for its strong dividend yield and industry leadership for over 17 years.

Matrix Service Company (Nasdaq: MTRX) reported a strong second quarter for fiscal 2023, with revenue reaching $193.8 million, a 20% increase from the previous year. Project awards totaled $318.7 million, marking the highest level since Q1 2020, resulting in a book-to-bill ratio of 1.6. However, the quarter faced challenges with a $9.6 million adjustment on a legacy project and a $12.3 million goodwill impairment, causing a net loss of $32.8 million, or $1.22 per share. Despite these setbacks, the company's backlog grew by 25% to $740.5 million, driven by robust project awards and a positive outlook for future revenue growth.

Matrix Service Company (Nasdaq: MTRX) announces the rescheduling of its second quarter Fiscal 2023 results release to occur before market on February 9, 2023, followed by a conference call at 10:30 a.m. Eastern time. This call will feature John R. Hewitt, President and CEO, and Kevin S. Cavanah, Vice President and CFO. The live webcast for this event will be accessible via the Company’s Investor Relations page. Matrix Service Company operates in three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.

Matrix Service Company (Nasdaq: MTRX) has announced that its subsidiary has secured a significant contract for a 600,000 barrel cryogenic ethane storage tank for Enterprise Products, located along the Texas Gulf Coast. This project, included in the company’s backlog for the first quarter of Fiscal 2023, supports the rising global demand for ethane as a petrochemical feedstock. Engineering work will be performed by Matrix PDM Engineering. The CEO noted the ongoing trust from Enterprise and emphasized the company’s leadership in cryogenic infrastructure and growing downstream project opportunities.