Business
Matrix Service Company Announces Fiscal 2023 Fourth Quarter and Full Year Results
TULSA, Okla., Sept. 11, 2023 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) today reported its financial results for the fourth quarter and year
About this update from Matrix Service Company
[{"type":"text","content":"TULSA, Okla., Sept. 11, 2023 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) today reported its financial results for the fourth quarter and year ended June 30, 2023. Key highlights: Project awards of $463.6 million and a book-to-bill ratio of 2.3 for the quarter; full fiscal year awards of $1.3 billion and a book-to-bill ratio of 1.7; highest quarterly project awards in five yearsBacklog increased by 31% to $1.1 billion compared to the third quarter of fiscal 2023, and by 85% since the start of the fiscal year; highest backlog level since June 30, 2019Fourth quarter revenue of $205.9 million, an increase of 10% compared to the third quarter of fiscal 2023; full fiscal year revenue of $795.0 millionLoss per fully diluted share of $0.01 in the fourth quarter; adjusted loss per fully diluted share of $0.11(1) excluding gain on the sale of non-core assets and other non-cash itemsAdjusted EBITDA of $2.3 million(1) for the fourth quarter of fiscal 2023 compared to $(7.7) million in the third quarter of fiscal 2023 “I am extremely pleased with the progress Matrix made over the last year and excited about the prospects for the company. We ended our fiscal year on a very strong note with backlog of $1.1 billion. In the fourth quarter alone, awards of nearly $464 million resulted in a book-to-bill ratio of 2.3. The company is positioned with high quality backlog which will generate significantly improved results in fiscal 2024 and the next several years,” said John R. Hewitt, president and CEO. “As we commence work on recently awarded large capital projects, we have strong visibility into our revenue and are focused on maximizing our profitability after undergoing an internal transformation that has optimized our cost structure. Our strategic approach to end markets supported by strong tailwinds will lead to continued backlog growth and strong performance for the foreseeable future.” Earnings Summary Revenue of $205.9 million during the fourth quarter of fiscal 2023 was higher than revenue of $186.9 million during the third quarter of fiscal 2023 as the contribution to revenue of newly awarded projects has begun to make an impact. Gross margin was 7.1% in the fourth quarter of fiscal 2023 compared to a gross margin of 2.4% in the third quarter of fiscal 2023. Our margins improved sequentially due to strong project execution and...