Matrix Service Company provides engineering, fabrication, construction, maintenance and repair services for energy and industrial infrastructure. The company reports through Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities, covering storage tanks and terminals, power delivery and generation projects, plant maintenance, turnarounds, refining, petrochemical and related industrial work.
Company news commonly covers fiscal results, revenue guidance, backlog, project awards, customer contracts, restructuring actions and executive succession. Updates also describe demand across LNG, natural gas liquids, mining and minerals, power generation, data center-related infrastructure and other large industrial projects.
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.
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