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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) has appointed Jose Luis Martin de Bustamante to its Board of Directors, expanding the board from seven to eight members. Bustamante, with extensive leadership experience from Fluor Corporation, brings valuable expertise in business development and managing large projects across various international markets. His appointment aligns with the company’s growth strategy in diverse sectors, underlining a commitment to a diverse board with 37.5% gender or ethnic diversity. This move is anticipated to enhance Matrix's operational capabilities.
Matrix Service Company (Nasdaq: MTRX) announced its subsidiary, Matrix Service Inc., has secured a contract from Hensel Phelps for the engineering, procurement, and construction of three jet fuel storage tanks at Houston Hobby Airport. This expansion will increase fuel capacity by 120,000 barrels. Construction is set to begin in early July 2022, with all tanks operational by late 2022. CEO John R. Hewitt emphasized their commitment to safety and quality, marking a significant first collaboration with Hensel Phelps.
Matrix Service Company (MTRX) has commenced construction on a Small-Scale Boron Facility for 5E Advanced Materials, Inc. in Newberry Springs, California. This facility aims to produce boron, a crucial component for decarbonization technologies, marking the first U.S. boron production in over 50 years. Scheduled to be operational by late 2022, it will enable technology partnerships and advanced material development. The project signifies a strategic move towards securing domestic material sources critical for energy transition and food security applications.
Matrix Service Company (MTRX) reported Q3 fiscal 2022 results with revenue of $177.0 million, up $15.0 million from the previous quarter, but posted a loss per share of $1.30. The company secured $179.7 million in project awards, boosting year-to-date awards to $638.7 million, an 81% increase year-over-year, resulting in a book-to-bill ratio of 1.3. Backlog increased by 28% to $594.2 million. Despite improved liquidity of $86.8 million and no debt, ongoing project delays and an $18.3 million goodwill impairment impacted financial performance.
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.