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Dec 31, 2021
Matrix Service Q2 2022 Earnings Report
Reported a decrease in revenue and a loss per share, but backlog increased and liquidity remained strong.
Key Takeaways
Matrix Service Company reported a decrease in revenue to $162.0 million and a loss per share of $0.93 for the second quarter of fiscal 2022. However, the company saw a 28% increase in backlog compared to the start of the fiscal year, reaching $591.6 million, and maintained a strong balance sheet with $101.7 million in liquidity and no debt.
Project awards of $192.2 million in the quarter, resulting in a book-to-bill of 1.2.
Backlog increased to $591.6 million, a 28% increase compared to the start of the fiscal year.
Strong balance sheet with liquidity of $101.7 million and no debt.
Announced the addition of senior-level personnel to the business development team to support growth in hydrogen and renewable energy.
Matrix Service
Matrix Service
Forward Guidance
Based on improving market conditions and strong award activity, the company expects its lower cost base along with improving revenue volumes to support sequential quarterly improvement and return to profitability in the fourth quarter of 2022.
Positive Outlook
- Improving market conditions
- Strong award activity
- Lower cost base
- Improving revenue volumes
- Expects profitability in Q4 2022