Business
Matrix Service Company Reports Fourth Quarter and Full-Year Fiscal 2024 Results; Issues Fiscal 2025 Revenue Guidance
TULSA, Okla., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading North American industrial engineering, construction, and
About this update from Matrix Service Company
[{"type":"text","content":"TULSA, Okla., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading North American industrial engineering, construction, and maintenance contractor, today announced results for the fourth quarter and year ended June 30, 2024. FOURTH QUARTER FISCAL 2024 RESULTS(all comparisons versus the prior year quarter unless otherwise noted) Total backlog of $1.4 billion, +31% on a year-over-year basisTotal project awards in the quarter of $175.9 million, resulting in a book-to-bill ratio of 0.9xRevenue of $189.5 millionNet loss per share of $(0.16) versus $(0.01); adjusted net loss per share of $(0.14)(1) versus $(0.11)Adjusted EBITDA of $0.2 million(1) versus $2.2 millionCash flow from operations of $47.0 millionLiquidity at June 30, 2024 of $169.6 million with no outstanding debt FULL-YEAR FISCAL 2024 RESULTS(all comparisons versus the prior year unless otherwise noted) Total project awards of $1.1 billion, resulting in a book-to-bill ratio of 1.5xRevenue of $728.2 millionNet loss per share of $(0.91) versus $(1.94); adjusted net loss per share of $(1.03) versus $(1.48)Adjusted EBITDA of $(10.5) million versus $(18.0) millionCash flow from operations of $72.6 million FULL-YEAR FISCAL 2025 REVENUE GUIDANCE Revenue between $900 and $950 million _______________(1) Adjusted net loss and adjusted loss per share are non-GAAP financial measures which exclude restructuring costs and gain on sale of non-core assets, Adjusted EBITDA is a non-GAAP financial measure which excludes interest expense, interest income, income taxes, depreciation and amortization expense, impairments to goodwill, gain on asset sales, restructuring costs, and stock-based compensation. See the Non-GAAP Financial Measures section included at the end of this release for a reconciliation to net loss and net loss per share. “We advanced work on multiple large projects during the quarter, which contributed to meaningful cash generation to close-out the fiscal year,” said John Hewitt, President and Chief Executive Officer. “As a reminder, we are still in the early phases of these multi-year projects. “Demand within our core markets remains robust and bidding activity continues to be strong. We ended the year with a book to bill of 1.5x which drove backlog growth of 31% on a year-over-year basis. “As we enter fiscal 2025, Matrix is well-positioned to ...