Matrix Svc Co Stock Price, News & Analysis

Matrix Service Company (Nasdaq: MTRX) announced that its President and CEO, John R. Hewitt, along with CFO Kevin Cavanah, will participate in the Stifel 2021 Virtual Cross Sector Insight Conference on June 10, 2021, at 12:00 p.m. EST. The presentation will be available online via the Stifel Webcast link. One-on-one meetings with management can be scheduled in advance through Stifel or by contacting Matrix directly.

Matrix is recognized for its commitment to sustainability and strong ESG practices, ranking among the Top 100 Contractors by Engineering-News Record.

Matrix Service Company (MTRX) reported third-quarter fiscal 2021 revenue of $148.3 million, down from $248.3 million the previous year. The company experienced a loss of $0.49 per fully diluted share, with an adjusted loss of $0.43. A 0.9 book-to-bill ratio resulted in a backlog of $538.3 million. The impact of COVID-19 and severe weather affected project deliveries, but cost reductions of $60 million and a strong cash position of $73.8 million without debt set a foundation for potential recovery as market conditions improve.

Matrix Service Company (Nasdaq: MTRX) will announce its Fiscal Year 2021 third quarter results on May 10, 2021, after market close. A conference call is scheduled for May 11, 2021, at 10:30 a.m. Eastern Time, featuring CEO John R. Hewitt and CFO Kevin S. Cavanah. The call will be available for live streaming and replays on the company’s website. Matrix operates in key segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions, emphasizing sustainability and strong governance practices.

Matrix Service Company (Nasdaq: MTRX) announced that its subsidiary, Matrix Service Inc., will lead the first phase of construction for the Fort Cady Borate Mine Facility in California, selected by American Pacific Borates Limited (APB). This phase aims to produce 20,000 short tons of potassium sulfate and 9,000 short tons of boric acid annually. Construction is set to begin in Q1 2021. CEO John R. Hewitt expressed pride in contributing to this significant infrastructure project, emphasizing safety, quality, and timely delivery.

Matrix Service Company (MTRX) reported its Q2 2021 results, with revenue of $167.5 million, down from $318.7 million year-over-year, primarily due to COVID-19 impacts. The company posted a net loss of $4.6 million ($0.17 loss per share) but achieved cash flow from operations of $20.8 million and eliminated outstanding debt. Cost-saving initiatives led to $60 million in annualized savings. The backlog stood at $622.8 million, and project awards in the quarter totaled $111.8 million, signaling potential growth in the clean energy market.

Matrix Service Company (Nasdaq: MTRX) will announce its Fiscal Year 2021 second-quarter results after market close on February 8, 2021, followed by a conference call on February 9, 2021, at 10:30 a.m. Eastern Time. The call will feature President and CEO John R. Hewitt and Vice President and CFO Kevin S. Cavanah, who will also be available for a live broadcast on the company’s website. Matrix is a leading industrial engineering and construction contractor focused on three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.

Matrix Service Company (Nasdaq: MTRX) has been contracted by Corteva Agriscience to construct a new water recovery facility in Pittsburg, California. This project, now in backlog, commenced in the first quarter of fiscal 2021. It encompasses process piping, steel fabrication, and all civil, mechanical, and electrical construction. The CEO, John R. Hewitt, expressed pride in supporting Corteva's sustainability goals through this project.

Matrix Service Company (NASDAQ: MTRX) announced a Memorandum of Understanding with Chart Industries, Inc. to develop standardized hydrogen solutions across North America. This collaboration aims to enhance hydrogen liquefaction and storage facilities, expanding commercial opportunities for both companies.

The partnership emphasizes cost-effective solutions within the clean energy transition, drawing on Matrix's infrastructure expertise and Chart's advanced hydrogen equipment. Together, they plan to streamline the design, installation, and equipment supply for hydrogen-related projects, meeting the increasing demand in the market.

Matrix Service Company (Nasdaq: MTRX) reported financial results for Q1 fiscal 2021, revealing revenues of $182.8 million, down from $338.1 million year-over-year, resulting in a loss per diluted share of $0.12. The decline is attributed to ongoing pandemic impacts affecting client spending. Despite strong project execution, gross profit fell to $14.4 million (7.9% margin). The company ended the quarter with a backlog of $678.4 million and total liquidity of $133.9 million. A credit facility was extended to November 2023, enhancing financial flexibility.