Matrix Svc Co Stock Price, News & Analysis

Matrix Service Company (Nasdaq: MTRX) will release its Fiscal Year 2022 third-quarter results after the market closes on May 9, 2022. The earnings report will be followed by a conference call on May 10, 2022, at 10:30 a.m. Eastern time, to be hosted by President and CEO John R. Hewitt and CFO Kevin S. Cavanah. The call will be available for live streaming on the company’s website and accessible for replay shortly after the live event. Matrix operates in three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.

Matrix Service Company (Nasdaq: MTRX) announced a significant contract extension for engineering, procurement, and construction of a natural gas processing facility, aimed at doubling capacity. This project highlights the critical role of North American natural gas infrastructure in meeting global energy demands and transitioning to cleaner energy sources. The company’s expertise is also extended to LNG, NGLs, and renewable fuels. The ability to support client needs amid rising energy demands positions Matrix for growth in traditional and clean energy markets.

Matrix Service Company (Nasdaq: MTRX) announced its subsidiary Matrix NAC has secured a contract for greenfield construction of a substation and related work for Talen Energy's Cumulus Data at the Susquehanna data center campus, Pennsylvania. This campus, which will leverage Talen's nuclear facility, is set to offer up to 475 MW of reliable, carbon-free energy. The project enhances Matrix's electrical infrastructure services and aligns with sustainable energy initiatives. The CEO expressed confidence in completing the project safely and on budget.

Matrix Service Company (MTRX) reported its fiscal Q2 2022 results, showing project awards of $192.2 million and a book-to-bill ratio of 1.2. The backlog rose to $591.6 million, a 28% increase since the beginning of the fiscal year. Despite a revenue drop to $162.0 million and a loss per share of $0.93, adjusted losses were $0.38. The company is expanding its business development team and joined the Hydrogen Council, reflecting a commitment to clean energy. The management expects improving market conditions and cost reductions to enhance profitability in Q4 2022.

Matrix Service Company (MTRX) announced its entry into the Hydrogen Council, a global coalition aimed at advancing hydrogen as a clean energy source. The CEO, John R. Hewitt, expressed pride in this membership, emphasizing collaboration with other leaders to enhance hydrogen infrastructure across North America. The company is focusing on expanding its capabilities in hydrogen solutions, including liquefaction plants and fueling stations, supported by partnerships with technology providers like Chart Industries. This move aligns with Matrix's goals of sustainability and innovation in the energy sector.

Matrix Service Company (Nasdaq: MTRX) will announce its Fiscal Year 2022 second quarter results on February 7, 2022, after market close. A conference call featuring President and CEO John R. Hewitt and Vice President and CFO Kevin S. Cavanah will take place on February 8, 2022, at 10:30 a.m. ET. The conference call will be available for live streaming on the company's website. Matrix operates in three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.

Matrix Service Company (Nasdaq: MTRX) has secured a significant project from The Chemours Company for Front-End Engineering Design (FEED) and detail engineering services at Chemours' Washington Works facility in West Virginia. This project marks the first assignment under a newly established Master Service Agreement. Chemours emphasized Matrix’s capable team and effective execution plan as key selection factors. The Washington Works facility is Chemours' largest site for Advanced Performance Materials, crucial for various industries including construction and aerospace.

Matrix Service Company (MTRX) announced the hiring of industry experts Camron Azadan and Mohamed Abdelaziz to bolster its business development team. Azadan, with 25 years of experience, will focus on hydrogen and renewable energy solutions, while Abdelaziz, with 15 years in operations and strategic development, will enhance services in Eastern Canada. These additions aim to strengthen Matrix’s market position in the growing clean energy sector, essential for clients’ carbon footprint reduction strategies.

Matrix Service Company (MTRX) reported its first quarter fiscal 2022 results with revenue of $168.1 million, down from $174.9 million in the previous quarter. The company posted a loss per diluted share of $0.66, adjusted to $0.60. Notably, project awards reached $266.9 million, yielding a book-to-bill ratio of 1.6, the highest since Q1 FY2020. The backlog increased by 21.4% to $561.4 million. The strong project awards signal client confidence, and liquidity remains solid with no debt. However, operational challenges in segments led to a low gross margin of -2.1%.