Welcome to our dedicated page for Matrix Svc news (Ticker: MTRX), a resource for investors and traders seeking the latest updates and insights on Matrix Svc stock.
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 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%.
Matrix Service Company (MTRX) will announce its Fiscal Year 2022 first-quarter results after market close on November 8, 2021. The conference call will be held on November 9, 2021, at 10:30 a.m. ET, featuring CEO John R. Hewitt and CFO Kevin S. Cavanah. Investors can access the call via the company’s website. Matrix operates in three segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions, emphasizing sustainability and strong ESG practices.
Matrix Service Company (MTRX) announced its subsidiary has been awarded a contract for engineering, fabrication, and construction of seven storage tanks at Calumet Specialty Products Partners' facility in Great Falls, Montana. This project is aimed at supporting the production of renewable fuels, expected to generate up to 12,000 barrels per day. The facility is scheduled to commence operations in the second quarter of 2022. Matrix Service aims to deliver this project safely, on time, and on budget, contributing to North America's energy transition.
Matrix Service Company (Nasdaq: MTRX) announced on October 13, 2021, that its subsidiary Matrix NAC secured multiple contracts totaling approximately $50 million for electrical infrastructure work in the first quarter of Fiscal 2022. Projects include substation rebuilds, relay upgrades, and fiber installation. CEO John R. Hewitt emphasized the company's trusted brand position in the northeastern U.S. The company has also enhanced its Contractor of Choice relationships, further supporting market growth.
Summary not available.
Matrix Service Company (MTRX) reported an 18% revenue increase in Q4 2021, totaling $174.9 million, compared to $148.3 million in Q3. Full-year revenue reached $673.4 million. The company secured $99.1 million in project awards, leading to a backlog of $462.6 million. Despite a net loss of $10.7 million and a loss per share of $0.40 due to project-related costs and a settlement, the company maintains a strong balance sheet with $83.9 million in cash and no debt. A $100 million credit facility will enhance financial flexibility.
Matrix Service Company (Nasdaq: MTRX) announced that President and CEO John R. Hewitt, along with CFO Kevin Cavanah, will present at the D.A. Davidson 20th Annual Diversified Industrials & Services Conference on September 22, 2021, at 5 PM ET, and the Sidoti Fall Small Cap Investor Conference on September 23, 2021, at 10 AM ET. One-on-one meetings are available with prior notice. Matrix provides industrial engineering and construction services and emphasizes sustainability, ranking among the Top Contractors by Engineering-News Record.
Matrix Service Company (Nasdaq: MTRX) is set to announce its Fiscal Year 2021 fourth quarter and annual results after market close on September 13, 2021. A follow-up conference call will occur on September 14 at 10:30 a.m. Eastern Time, featuring President and CEO John R. Hewitt and CFO Kevin S. Cavanah. The call will be broadcast live online, with a replay available shortly after. Matrix is a prominent North American engineering and construction contractor with diverse operations across various sectors, emphasizing sustainability and strong ESG practices.