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Dec 31, 2023
Matrix Service Q2 2024 Earnings Report
Matrix Service Company reported second quarter fiscal 2024 results with revenue of $175.0 million and backlog increased to a record $1.45 billion.
Key Takeaways
Matrix Service Company reported revenue of $175.0 million for the second quarter of fiscal 2024. The company's backlog reached an all-time high of $1.45 billion. The company had a net loss of $2.9 million, or $0.10 per share, for the quarter.
Backlog increased to $1.45 billion, the highest level in the company's history.
Project awards in the quarter of $230.8 million resulted in a book-to-bill ratio of 1.3.
Revenue of $175.0 million in the second quarter of fiscal 2024.
Liquidity increased to $106.3 million as of December 31, 2023.
Matrix Service
Matrix Service
Forward Guidance
With a backlog at an all-time high, a streamlined cost structure, and a strong balance sheet, we expect that our financial performance will begin to increase significantly over the coming quarters
Positive Outlook
- Backlog at an all-time high
- Streamlined cost structure
- Strong balance sheet
- Financial performance will begin to increase significantly over the coming quarters
- Opportunity pipeline remains strong
Challenges Ahead
- Start timing of large construction projects can be difficult to judge
- Under-recovery of construction overhead costs
- Lower revenue volumes in the Storage and Terminals Solutions segment
- Gross margin of 3.5% was impacted by under-recovery of construction overhead costs in the Utility and Power Infrastructure segment
- Revenue decreased in the Process and Industrial Facilities segment