Business
Matrix Service Company Reports Second Quarter 2020 Results
TULSA, Okla., Feb. 05, 2020 (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., Feb. 05, 2020 (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 2020.\n Key highlights: Second quarter revenue was $318.7 million compared to $340.6 million in the same quarter of the prior fiscal year Strong quarterly results for Storage Solutions segment with revenue of $142.8 million and gross margin of 13.9%Second quarter loss of $1.04 per share, including non-cash charges of $1.23 per share, compared to earnings per diluted share of $0.14 in the same quarter of the prior fiscal year Adjusted earnings per diluted share, which excludes the non-cash charges, were $0.19 for the second quarterBacklog at the end of the quarter was $872.2 million, excluding a significant multi-year project with Eagle LNG Partners LLC announced in January 2020 which is expected to begin later in the yearStrong liquidity position of $276.5 million at December 31, 2019, including cash of $110.5 million, and debt of only $14.8 millionRepurchased 500,000 shares of stock for $9.9 million during the second quarterStrategic decision to reduce focus on iron and steel business subsequent to the end of the quarter “Matrix has continued to strengthen its market position as a leading contractor for terminal and storage work as evidenced by the strong performance in the Storage Solutions segment,” said John R. Hewitt, President and Chief Executive Officer. “As a result of challenges in the Industrial and Electrical Infrastructure segments, we have made a series of strategic changes that we believe are necessary for our business over the long term. These organizational changes in our iron and steel, and power delivery businesses include talent enhancements as well as overhead and capital expenditure reductions. These actions will lead to improved operating performance across the organization as we continue to position the Company to maximize shareholder value.\" Business Update The Company, through its subsidiaries, designs, builds and maintains infrastructure critical to North America’s energy and industrial markets. It reports its results based on four key operating segments: Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions, and Industrial. Storage Solutions The Storage Solution...