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Sep 30, 2022
Matrix Service Q1 2023 Earnings Report
Reported an increase in revenue and project awards, with backlog reaching a two-year high.
Key Takeaways
Matrix Service Company reported improved first quarter fiscal 2023 results, marked by a 24% increase in revenue compared to the previous year and a 4% increase sequentially. Project awards rose by 20% compared to the previous quarter, leading to a book-to-bill ratio of 1.1 and a backlog of $615.7 million, the highest in over two years. The company's adjusted EBITDA improved significantly, and adjusted loss per share was reduced.
Revenue increased by 24% year-over-year to $208.4 million.
Project awards increased by 20% compared to the fourth quarter of fiscal 2022, reaching $234.6 million.
Backlog increased to $615.7 million, the highest in over two years.
Adjusted EBITDA improved to $0.8 million from $(12.0) million in the prior quarter.
Matrix Service
Matrix Service
Forward Guidance
Matrix Service Company anticipates continued improvement in revenue, gross margins, and earnings per share throughout the fiscal year, driven by backlog momentum and larger capital awards.
Positive Outlook
- Expects continued improvement in revenue.
- Anticipates improvement in gross margins.
- Expects improvement in earnings per share.
- Driven by backlog momentum.
- Driven by larger capital awards.