Business
Matrix Service Company Reports Third Quarter Fiscal 2023 Results
TULSA, Okla., May 08, 2023 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), through its subsidiaries, is a leading North American industrial
About this update from Matrix Service Company
[{"type":"text","content":"TULSA, Okla., May 08, 2023 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), through its subsidiaries, is a leading North American industrial engineering, construction, and maintenance contractor headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia and Seoul, South Korea. Key highlights: Project awards of $308.7 million produced a book-to-bill of 1.7 for the quarter; year-to-date awards of $862.0 million produced a book-to-bill of 1.5Backlog increased by 12% to $832.4 million compared to the second quarter of fiscal 2023, up 41% since the beginning of the fiscal yearThird quarter revenue of $186.9 million, an increase of 6% compared to the third quarter of fiscal 2022Loss per share of $0.47; adjusted loss per share of $0.33(1)Adjusted EBITDA loss of $7.7 million(1) for the third quarter of fiscal 2023 “We continued to see strong award momentum in our third fiscal quarter, which is reflected in a book-to-bill of 1.7, our seventh consecutive quarter at or above 1.0. We have now received $862.0 million of project awards, up 35 percent over the same period in the prior fiscal year, and bidding activity continues to be strong. We expect the trend in backlog growth to continue in the coming quarters,” said Matrix Service Company president and CEO John R. Hewitt. \"As we begin work on several recently awarded large projects, especially in the Storage and Terminal Solutions segment, we expect our financial performance to significantly improve in our fourth fiscal quarter.\" Earnings Summary Revenue of $186.9 million during the third quarter of fiscal 2023 was lower than revenue of $193.8 million during the second quarter of fiscal 2023 as certain projects awarded in prior periods continue to work off while the contribution to revenue of newly awarded projects is still limited as they progress through engineering and planning stages. Gross margin was 2.4% in the third quarter of fiscal 2023 compared to a negative gross margin of (0.7%) in the second quarter of fiscal 2023. Our results of operations were primarily impacted by revenue levels, which led to under-recovery of construction overhead costs in some operating units. In addition, our results were impacted by increased forecasted costs to complete and close out certain midstream gas processing work, whic...