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 (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%.
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.
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