Matrix Service

Matrix Service Co. engages in the provision of engineering, fabrication, construction, and maintenance services to support critical energy infrastructure and industrial markets. It operates through the following segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions. The Utility and Power Infrastructure segment offers power delivery services to investor-owned utilities including construction of new substations, upgrades of existing substations, transmission and distribution line installation, upgrades and maintenance, and emergency and storm restoration services. The Process and Industrial Facilities segment provides services in the downstream and midstream petroleum industries, which engages in refining crude oil and processing, fractionating, and marketing of natural gas and natural gas liquids. The Storage and Terminal Solutions segment focuses on work related aboveground storage tanks and terminals. The company was founded by Bill Lee, Doyl D. West, Harold Morgan, and Martin Lee Rinehart on April 4, 1984 and is headquartered in Tulsa, OK.

Earnings data Q3 2021

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Matrix Service Company reports strong Q3 momentum despite cost challenges

Matrix Service Company demonstrated strong project award momentum and a healthy backlog increase, but faced challenges with cost management and revenue in certain segments. The increase in liquidity and positive outlook for future backlog and revenue growth provide optimism for the company's performance in the coming years.

Matrix Service reports mixed Q2 results, eyes clean energy opportunities

Matrix Service Company navigated challenges in Q2 2023, focusing on safety, securing significant awards, and maintaining a positive outlook for the future. Despite financial setbacks, the company's strong project backlog and liquidity improvements provide a solid foundation for growth. Addressing challenges and capitalizing on opportunities in clean energy will be key for future success.

Matrix Service reports robust project growth and improved liquidity

Matrix Service demonstrated strong project awards and backlog growth in Q3 2023.
While facing challenges in profitability and net losses, the company's liquidity improved.
Opportunities in hydrogen infrastructure projects and a substantial project pipeline position Matrix for future growth.

Matrix Service reports strong Q4 awards and revenue growth

Matrix Service's Q4 2023 performance reflected significant revenue growth and a notable increase in ending backlog, despite a net loss. The company's focus on safety culture, strategic positioning in LNG, and strong backlog diversification are key strengths. Challenges persist in achieving profitability, but opportunities for growth in fiscal 2024 are promising.

Matrix Service reports strong project awards and backlog growth

Matrix Service Company's Q1 2024 performance reflects robust project awards and backlog growth, despite a net loss, showcasing operational resilience and market potential.
While facing financial challenges and operational inefficiencies, the company's strategic strengths in safety, backlog expansion, and financial stability position it for future success.
Opportunities lie in market diversification, revenue expansion through energy projects, and operational improvements, signaling a positive outlook for Matrix Service Company.

Matrix Service reports record backlog and strategic growth initiatives

Matrix Service's Q2 performance reflects revenue impacts from project timing but anticipates growth in subsequent quarters, driven by a strong opportunity pipeline.
The company's strategic focus on energy markets, operational improvements, and cost management efforts position it for profitability and growth in the future.
While facing challenges in achieving profitability and managing project impacts, Matrix Service remains optimistic about its financial performance and market positioning.

Matrix Service reports mixed Q3 results, eyes revenue growth

Matrix Service navigated through revenue challenges in Q3, but remains optimistic about revenue improvement and profitability in the upcoming quarters. With a strong backlog and focus on key markets, the company is poised for growth through infrastructure projects and LNG opportunities.

Matrix Service posts robust Q4 results, eyes strong 2025 growth

Matrix Service reported a strong Q4 performance with increased backlog and new project awards, setting the stage for revenue growth in 2025.
Despite challenges like under-recovered construction overhead costs, the company's focus on key megatrends and a robust opportunity pipeline bode well for future success.
With a strengthened balance sheet, healthy cash position, and optimistic revenue guidance, Matrix Service is poised for growth and profitability in the coming years.

Matrix Service Q1 2025: Revenue Challenges Amid Growth Opportunities

Matrix Service faced revenue challenges in Q1 but maintains a strong backlog and revenue guidance for fiscal 2025.
The company anticipates profitability in fiscal 2025 and sees growth opportunities in key segments.
Analysts raised concerns about expenses and project timing, while executives highlighted positive impacts from the administration change.
With solid liquidity and a focus on key growth areas, Matrix Service aims for a resilient performance.

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Matrix Service Co. engages in the provision of engineering, fabrication, construction, and maintenance services to support critical energy infrastructure and industrial markets. It operates through the following segments: Storage and Terminal Solutions, Utility and Power Infrastructure, Process and Industrial Facilities, and Corporate. The Storage and Terminal Solutions segment consists of engineering, procurement, fabrication, and construction services related to cryogenic and other specialty tanks and terminals for LNG, NGLs, hydrogen, ammonia, propane, butane, liquid nitrogen and oxygen, and liquid petroleum. The Utility and Power Infrastructure segment is involved in engineering, procurement, fabrication, and construction services to support growing demand for LNG utility peak shaving facilities. The Process and Industrial Facilities segment refers to plant maintenance, repair, and turnarounds in the downstream and midstream markets for energy clients including refining and processing of crude oil, fractionating, and marketing of natural gas and natural gas liquids. The company was founded by Bill Lee, Doyl D. West, Harold Morgan, and Martin Lee Rinehart on April 4, 1984, and is headquartered in Tulsa, OK.

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Given the Fed tightening and the resulting macro uncertainties, many were expecting below par performances, but the second quarter turned out to be better than expected in terms of earnings.

These Are The 10 Biggest Firms Releasing Earnings Next Week

TULSA, Okla., Aug. 30, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) will announce results for its Fiscal Year 2021 fourth quarter and year ended June 30, 2022, after the market closes on Monday, September 12, 2022. The release will be followed by a conference call on Tuesday, September 13, 2022, at 10:30 a.m. Eastern time /09:30 a.m. Central time.

Matrix Service Company Sets Date to Discuss Results for the Fourth Quarter and Fiscal Year Ended June 30, 2022

TULSA, Okla., Aug. 08, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that it has signed a memorandum of understanding (“MoU”) with Korea Gas Corporation (“KOGAS”) to support South Korea's development of a hydrogen economy as it transforms itself from a natural gas supplier to a hydrogen platform operator. The signing took place in Seoul with officials from both companies in attendance.

Korea Gas Corporation signs Memorandum of Understanding with Matrix Service Company to Support Development of the Hydrogen Economy in South Korea

TULSA, Okla., July 18, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that its subsidiary, Matrix Service Inc., has been selected by Northrop Grumman for two thermal vacuum chamber projects, the first of which is the Engineering Procurement and Construction (EPC) for a new state-of-the-art thermal vacuum chamber at Northrop Grumman's Gilbert, Arizona campus. The EPC work for the Gilbert project was awarded in the fourth quarter of Fiscal 2022, following a previous award for the Front-End Engineering Design (FEED).

Matrix Service Selected by Northrop Grumman for Two Separate Thermal Vacuum Chamber Projects

TULSA, Okla., May 31, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that President and Vice President and Chief Financial Officer Kevin Cavanah and Senior Director of Investor Relations Kellie Smythe will be presenting at the Sidoti Summer Virtual Small Cap Investor Conference on June 15. One-on-one meetings with management are available during the conference with prior notice and may be scheduled through the conference at www.sidoti.com/events or by contacting Matrix Service Company at ir@matrixservicecompany.com.

Matrix Service Company to Present at Upcoming Sidoti Summer Virtual Small Cap Investor Conference

TULSA, Okla., May 17, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that Vice President and Chief Financial Officer Kevin Cavanah and Senior Director of Investor Relations Kellie Smythe will be presenting at the Stifel 2022 Cross Sector Insight Conference in Boston, Mass. on June 7 from 4:45 to 5:15 p.m. Eastern Standard Time. One-on-one meetings with management are available during the conference with prior notice and may be scheduled by contacting Stifel at StifelCorporateEvents@stifel.com or by contacting Matrix Service Company at ir@matrixservicecompany.com.

Matrix Service Company to Present at Upcoming Stifel 2022 Cross Sector Insight Conference

Brings strong strategy and business development, operational, and international leadership expertise Brings strong strategy and business development, operational, and international leadership expertise

Retired Fluor Corporation Executive Jose Bustamante Named to Matrix Service Company Board of Directors

Matrix Service Company (NASDAQ:MTRX ) Q3 2022 Earnings Conference Call May 10, 2022 10:30 AM ET Company Participants Kellie Smythe - Investor Relations John Hewitt - President and Chief Executive Officer Kevin Cavanah - Vice President and Chief Financial Officer Conference Call Participants John Franzreb - Sidoti Jean Ramirez - D.A. Davidson Operator Good day, ladies and gentlemen.

Matrix Service Company (MTRX) CEO John Hewitt on Q3 2022 Results - Earnings Call Transcript

TULSA, Okla., May 10, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that its subsidiary, Matrix Service Inc., has been selected by Hensel Phelps Construction Company (“Hensel Phelps”) for the engineering, procurement, and construction (EPC) of three storage tanks for jet fuel at Houston Hobby Airport. The project is part of an expansion at an existing fuel facility and will add an additional 120,000 barrels in capacity.

Hensel Phelps Construction Company Selects Matrix Service for EPC of Three Storage Tanks to Expand Jet Fuel Capacity at Houston Hobby Airport

Facility precedes the construction of large-scale boron and lithium complex, providing critical and domestically sourced materials, key enablers for decarbonization applications Facility precedes the construction of large-scale boron and lithium complex, providing critical and domestically sourced materials, key enablers for decarbonization applications

Matrix Service Begins Construction on Small Scale Boron Facility, the First New U.S. Based Source of Boron Production in More Than 50 Years

TULSA, Okla., May 09, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading contractor to the energy and industrial markets across North America, today reported financial results for its third quarter of fiscal 2022.

Matrix Service Company Reports Third Quarter Fiscal 2022 Results

TULSA, Okla., April 26, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) will announce results for its Fiscal Year 2022 third quarter after the market closes on Monday, May 9, 2022. The release will be followed by a conference call on Tuesday, May 10, 2022, at 10:30 a.m. Eastern time / 09:30 a.m. Central time.

Matrix Service Company Sets Date to Discuss Results for the Third Quarter of Fiscal 2022

TULSA, Okla., March 15, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading North American industrial engineering and construction company, announced that an industry leading company in the natural gas value chain has awarded Matrix PDM the engineering, procurement, and construction of the expansion of a natural gas processing facility to double existing facility capacity.

Matrix PDM Engineering Awarded EPC for Expansion of Natural Gas Processing Facility to Double Existing Facility Capacity

Matrix Service Company (MTRX) CEO John Hewitt on Q2 2022 Results - Earnings Call transcript

Matrix Service Co (NASDAQ: MTRX) subsidiary Matrix NAC has secured the greenfield construction of a substation and transmission and distribution work at Cumulus Data's Susquehanna data center campus, currently under construction outside Berwick, Pennsylvania. Cumulus Data is a subsidiary of Talen Energy Corp. The 475- megawatt (MW) campus will be powered by Talen's adjacent Susquehanna nuclear generation facility.

Matrix NAC Secures Contract To Advance Cumulus' Data Center Campus Project

TULSA, Okla., Feb. 08, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that its subsidiary Matrix NAC has been awarded the greenfield construction of a substation as well as transmission and distribution work at Talen Energy Corporation (“Talen”) subsidiary, Cumulus Data's (“Cumulus”), flagship Susquehanna data center campus, currently under construction outside Berwick, Pa. The up to 475- megawatt (MW) campus will be powered by Talen's adjacent Susquehanna nuclear generation facility. The substation will support efforts to provide Susquehanna's low-cost, reliable, carbon-free energy to the data center and cryptocurrency processing clients operating on the campus.

Matrix NAC Awarded Greenfield Construction of Substation by Cumulus Data as Part of Its Carbon-Free Susquehanna Hyperscale Data Center Campus

TULSA, Okla., Feb. 07, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading contractor to the energy and industrial markets across North America, today reported financial results for its second quarter of fiscal 2022.

Matrix Service Company Reports Second Quarter Fiscal 2022 Results

TULSA, Okla., Jan. 26, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that it has joined the Hydrogen Council, a global CEO-led coalition working to accelerate the energy transition through hydrogen. The organization is comprised of more than 130 companies from across the globe representing a variety of sectors, all committed to scaling up the hydrogen value chain to contribute to a clean and diversified energy system.

Matrix Service Company Joins Global CEO-Led Hydrogen Council, Supporting a Clean, Diversified Energy System Through an Accelerated Transition to Hydrogen

TULSA, Okla., Jan. 24, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) will announce results for its Fiscal Year 2022 second quarter after the market closes on Monday, February 7, 2022. The release will be followed by a conference call on Tuesday, February 8, 2022 at 10:30 a.m. Eastern time /09:30 a.m. Central time.

Matrix Service Company Sets Date to Discuss Results for the Second Quarter of Fiscal 2022

TULSA, Okla., Jan. 18, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that The Chemours Company (Chemours) has awarded Matrix PDM Engineering the Front-End Engineering Design (FEED) and detail design engineering for an industrial project at its Washington Works, West Virginia facility. The project is the first to be awarded under a recently signed Master Service Agreement.

The Chemours Company Awards Matrix PDM Engineering Front-End Engineering Design and Detail Engineering for a Project at Its Washington Works, West Virginia Facility

TULSA, Okla., Jan. 04, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that two new industry veterans have joined its consolidated business development team, bringing added expertise to support its strategic objective to grow its market position in hydrogen and renewable energy projects.

Matrix Strategy to Grow Market Position in Hydrogen and Renewable Energy Supported by Addition of Senior Industry Veterans

Matrix Service Company's (MTRX) CEO Mike Perry on Q1 2022 Results - Earnings Call Transcript

Matrix Service (NASDAQ:MTRX) reported its Q1 earnings results on Monday, November 8, 2021 at 04:00 PM. Here's what investors need to know about the announcement.

Matrix Service: Q1 Earnings Insights

TULSA, Okla., Nov. 08, 2021 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading contractor to the energy and industrial markets across North America, today reported financial results for its first quarter of fiscal 2022.

Matrix Service Company Reports First Quarter Fiscal 2022 Results

TULSA, Okla., Oct. 26, 2021 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) will announce results for its Fiscal Year 2022 first quarter after the market closes on Monday, November 8, 2021. The release will be followed by a conference call on Tuesday, November 9, 2021 at 10:30 a.m. Eastern time /09:30 a.m. Central time.

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