Search company, investor...

Matrix Service Company

matrixservice.com

Stage

IPO | IPO

Date of IPO

9/2/1990

Market Cap

0.14B

Stock Price

5.02

About Matrix Service Company

Matrix Service Company (NASDAQ: MTRX) is parent to a family of companies that include Matrix Service, Matrix NAC, Matrix PDM Engineering, and Matrix Applied Technologies, through which it designs, builds, and maintains infrastructure critical to North America's energy, power, and industrial markets. The group provides specialized repair services and products for aboveground storage tanks principally for petroleum refineries, bulk storage terminals, pipelines, and chemical plants. It also provides general industrial construction and in-plant routine maintenance, process unit turnarounds, and construction services.

Headquarters Location

5100 E. Skelly Dr. Suite 100

Tulsa, Oklahoma, 74135,

United States

866-367-6879

Missing: Matrix Service Company's Product Demo & Case Studies

Promote your product offering to tech buyers.

Reach 1000s of buyers who use CB Insights to identify vendors, demo products, and make purchasing decisions.

Missing: Matrix Service Company's Product & Differentiators

Don’t let your products get skipped. Buyers use our vendor rankings to shortlist companies and drive requests for proposals (RFPs).

Matrix Service Company Patents

Matrix Service Company has filed 1 patent.

The 3 most popular patent topics include:

  • Bariatrics
  • Canoes
  • Indigenous boats
patents chart

Application Date

Grant Date

Title

Related Topics

Status

7/18/2019

1/26/2021

Sailboat types, Canoes, Multihulls, Indigenous boats, Bariatrics

Grant

Application Date

7/18/2019

Grant Date

1/26/2021

Title

Related Topics

Sailboat types, Canoes, Multihulls, Indigenous boats, Bariatrics

Status

Grant

Latest Matrix Service Company News

Matrix Service Company Reports First Quarter Fiscal 2023 Results

Nov 7, 2022

Tulsa, Oklahoma, UNITED STATES 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 2022 Project 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 million Additional 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 vessel Adjusted 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 quarter Loss 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 execution across the storage business, including projects supporting lower carbon investments, partially offset by under recovered overhead costs. In the Process and Industrial Facilities segment, first quarter gross margin of 5.0% improved but was negatively impacted by under recovered overhead costs and work on a midstream gas processing project that experienced increases in forecasted costs to complete in the prior year, which reduced the remaining margin realized on the project. In the Utility and Power Infrastructure segment, first quarter gross margin was 3.8%, also due to under recovered overhead costs and work on a large capital project that experienced increases in forecasted costs to complete in the prior year, which reduced the remaining margin realized on the project. We had $1.3 million of restructuring costs during the quarter, which primarily related to severance costs as we continued to implement our previously announced business improvement plan. The current phase of our plan is focused on the consolidation of transactional services, procedures and operational talent to increase our efficiency, competitiveness and profitability. Our effective tax rates for the three months ended September 30, 2022 and 2021 were 0.0% and 23.1%, respectively. The effective tax rate during the first quarter of fiscal 2023 was impacted by the full valuation allowance placed on our deferred tax assets in fiscal 2022 due to the existence of a cumulative loss over a three-year period. As a result, we expect the effective tax rate to be around zero throughout the fiscal year. For the three months ended September 30, 2022, we had a net loss of $6.5 million, or $0.24 per share, compared to a net loss of $17.5 million, or $0.66 per share, in the three months ended September 30, 2021. For the three months ended September 30, 2022, we had an adjusted net loss of $4.2 million, or $0.15 per share, compared to an adjusted net loss of $16.0 million, or $0.60 per share, in the same period last year. Backlog Our backlog as of September 30, 2022 was $615.7 million. Project awards totaled $234.6 million during the three months ended September 30, 2022, leading to a book-to-bill ratio of 1.1. On a segment basis, the first quarter book-to-bill was 0.9 for Utility and Power Infrastructure, driven largely by bookings in electrical infrastructure. For Process and Industrial Facilities, the book-to-bill was 0.7. For Storage and Terminal Solutions, the quarterly book-to-bill was 1.7 led by a key award for a large-scale specialty vessel. The table below summarizes our awards, book-to-bill ratios and backlog by segment for our first fiscal quarter (amounts are in thousands, except for book-to-bill ratios):

Matrix Service Company Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
CBI Logo

Matrix Service Company Rank

Matrix Service Company Frequently Asked Questions (FAQ)

  • Where is Matrix Service Company's headquarters?

    Matrix Service Company's headquarters is located at 5100 E. Skelly Dr., Tulsa.

  • What is Matrix Service Company's latest funding round?

    Matrix Service Company's latest funding round is IPO.

  • Who are the investors of Matrix Service Company?

    Investors of Matrix Service Company include Silverton Partners and First Analysis.

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.