Matrix Svc Co Stock Price, News & Analysis

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.

Engine Capital, a shareholder of Matrix Service Company (MTRX), has publicly disclosed a presentation to the Board, criticizing the company's performance under CEO Mr. Hewitt. The report points out ineffective capital allocation, a failed growth strategy, high operational costs, and poor mergers and acquisitions. Recommendations include halting M&A activities until a new leadership team is in place, significantly reducing costs, and repurchasing shares aggressively due to undervaluation. The full presentation is accessible on a dedicated website.

Matrix Service Company (Nasdaq: MTRX) will announce its Fiscal Year 2021 first quarter results, ending September 30, 2020, on November 4, 2020, after market close. A conference call with CEO John R. Hewitt and CFO Kevin S. Cavanah is scheduled for November 5, 2020, at 10:30 a.m. Eastern Time. The call will discuss financial performance and will be available for online access on the company's website. Matrix provides industrial engineering and construction services across North America and beyond, focusing on utility, process, and storage segments.

Matrix Service Company (MTRX) announced its fifth consecutive year of certification as a great workplace by Great Place To Work^®. The certification is based on anonymous employee surveys, reflecting the company's commitment to fostering a diverse and inclusive work environment. President and CEO John R. Hewitt emphasized the importance of employee feedback in enhancing workplace culture, particularly during challenging times. Matrix Service Company is recognized for its values and has previously been listed among Forbes' Top 100 Most Trustworthy Companies in America.

Matrix Service Company (Nasdaq: MTRX) announced that its President and CEO John R. Hewitt, along with CFO Kevin Cavanah, will participate in the Sidoti Virtual Investor Conference on September 23-24, 2020. The Company will present on September 24 from 3:15 to 3:45 p.m. eastern time. One-on-one meetings with management can be scheduled in advance by contacting the Company.