Business
Matrix Service Company Reports First Quarter Fiscal 2023 Results
TULSA, Okla., Nov. 07, 2022 (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. 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 first quarter of fiscal 2023. Key highlights: First quarter revenue of $208.4 million, an increase of 24% compared to the first quarter of fiscal 2022 and a 4% increase compared to the fourth quarter of fiscal 2022Project awards in the quarter of $234.6 million, a 20% increase compared to the fourth quarter of fiscal 2022, resulting in a book-to-bill of 1.1 for the quarter; backlog increased to $615.7 millionAdditional notable project awards subsequent to the end of the quarter, include a recently announced LNG peak shaving upgrade project as well as a large-scale specialty vesselAdjusted EBITDA of $0.8 million(1) for the first quarter of fiscal 2023 on improving margins, an increase from $(12.0) million in the prior quarterLoss per share of $0.24; adjusted loss per share of $0.15(1) excluding one-time items “Our first quarter results demonstrate the improving performance of our business,” said Matrix Service Company President and CEO John R. Hewitt. “Project awards in the quarter were the second highest we have achieved in the last eight quarters, and backlog is the highest it has been in more than two years. This backlog momentum, which is characterized by incremental larger capital awards, will result in continued improvement in revenue, gross margins, and earnings per share as we move through this fiscal year. The quality and commitment of our people, the benefits provided by our streamlined organization, and the growing number of quality projects in our opportunity pipeline gives us confidence in our ability to deliver improving earnings throughout the fiscal year and beyond.” Earnings Summary Revenue in the first quarter of fiscal 2023 was $208.4 million, an increase of $7.7 million compared to the fourth quarter of fiscal 2022 revenue of $200.7 million. Gross margin was 6.2% in the first quarter of fiscal 2023 vs. 0.4% in the fourth quarter of fiscal 2022. Improved gross margins were the result of strong execution on an improving project mix and higher recovery of construction overhead costs. In the Storage and Terminals Solutions segment, gross margin of 9.8% for the quarter was primarily the result of strong executi...