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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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