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Mar 31, 2020
Matrix Service Q3 2020 Earnings Report
Matrix Service reported a revenue decrease due to withdrawal from the iron and steel market and COVID-19 impacts, resulting in a net loss, though it maintained a strong liquidity position.
Key Takeaways
Matrix Service Company reported a decrease in revenue to $248.3 million compared to $358.9 million in the same quarter of the prior year, primarily due to exiting the iron and steel market and impacts from COVID-19. The company experienced a net loss of $5.5 million, or $0.21 per share, inclusive of restructuring costs. Despite the loss, the company maintains a strong liquidity position with $216.3 million and is implementing cost-saving measures.
Revenue for the third quarter was $248.3 million, down from $358.9 million in the same quarter of the prior year.
The company reported a net loss of $0.21 per share, including restructuring costs of $6.6 million.
Matrix Service Company has a strong liquidity position of $216.3 million, including cash of $87.5 million and debt of $8.9 million.
Backlog at the end of the quarter was $727.1 million, excluding two previously announced multi-year mid-size LNG projects.
Matrix Service
Matrix Service
Matrix Service Revenue by Segment
Revenue by Segment
Storage and Terminal Solutions Revenue
CapyFin.com Forward Guidance
Due to the disruption experienced in end markets from the COVID-19 pandemic and uncertainty about its duration, the company withdrew its financial guidance for fiscal year 2020.