Business
Matrix Service Company Reports First Quarter Fiscal 2022 Results
TULSA, Okla., Nov. 08, 2021 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading contractor to the energy and industrial markets across North
About this update from Matrix Service Company
[{"type":"text","content":"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. Key highlights: Project awards of $266.9 million in the quarter resulting in a book-to-bill of 1.6, highest awards since the first quarter of fiscal 2020Backlog increased 21.4% in the quarter to $561.4 millionBalance sheet remains strong with no debt; new $100.0 million credit facilityFirst quarter revenue of $168.1 millionFirst quarter loss per fully diluted share of $0.66; adjusted loss per fully diluted share of $0.60(1) “In the quarter we recorded a significant increase in project awards, achieving a book to bill of 1.6 on project awards of $266.9 million. This quarter’s awards represent the highest awards seen since the first quarter of fiscal 2020 and included diversified projects such as LNG storage, thermal vacuum chambers, renewable fuels, and electrical infrastructure. Based on the strengthening market conditions and the first quarter awards, we expect improving results in the second half of our fiscal year. This award strength represents a long-awaited and important sign of client confidence returning to our markets, and the beginning of an award cycle that we believe will strengthen as we move into the new calendar year,” said John R. Hewitt, President and CEO. “Bidding remains extremely strong across all segments with numerous opportunities in LNG and NGL facilities, midstream gas processing, hydrogen and other renewables, as well as electrical infrastructure and mining and minerals.” Earnings Summary Revenue in the first quarter of fiscal 2022 was $168.1 million, a decrease of $6.8 million compared to fourth quarter fiscal 2021 revenue of $174.9 million. Gross margin was (2.1)% in the first quarter of fiscal 2022. Although we have made significant reductions to our overhead cost structure, at this current revenue volume, we did not fully leverage overhead costs, which contributed to the low gross margin and earnings for all three segments in the quarter. In the Storage and Terminals Solutions segment, the Company delivered a disappointing operating performance which resulted in a gross margin of 0.6% for the quarter. The Process and Industrial Facilities segment performance, anchor...