Matrix Service Q3 FY22: $1.30 GAAP EPS loss, revenue $177M, backlog up 28% to $594M

MATRIX SERVICE CO

2022-Q3 EPS reported -$2.90 revenue$507,061,000

Net loss $34.9M ($1.30 diluted EPS); adjusted loss $13.4M ($0.50 diluted) vs prior year adjusted loss $0.43.
Revenue $177.0M, up $15M from Q2; gross margin (1.0%) due to under-recovered overheads and cost increases on two pandemic-era projects.
Backlog $594.2M (up 28% YTD); project awards $179.7M in Q3, $638.7M year-to-date (81% increase vs prior year).
No debt, liquidity $86.8M ($34.1M cash + $52.7M ABL); recorded $18.3M goodwill impairment and $7.7M deferred tax asset valuation allowance.
CEO expects material backlog increases in coming quarters on LNG and energy infrastructure awards.

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