Matrix Service Q3 net loss $0.47/sh; revenue $186.9M up 6% YoY; backlog $832.4M

MATRIX SERVICE CO

2023-Q3 EPS reported -$1.93 revenue$589,166,000

Net loss of $12.7M ($0.47/sh); adjusted loss $8.9M ($0.33/sh); adjusted EBITDA loss $7.7M.
Revenue $186.9M (+6% YoY); project awards $308.7M (book-to-bill 1.7); backlog $832.4M (+12% QoQ).
Storage & Terminal Solutions rev $52.2M, gross margin -1.6%; Process & Industrial $99.7M (+23% QoQ), gross margin 3.2% (hit by $3.3M cost increase).
Utility & Power Infrastructure rev $35.0M, gross margin 8.0%; total liquidity $92.4M, debt $15.0M.
CEO expects significant improvement in Q4 as recently awarded storage projects ramp.

item 2.02 item 5.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

MATRIX SERVICE CO reported third quarter of fiscal 2023 results: revenue $186.9 million, EPS $0.47 per share.

Period: third quarter of fiscal 2023
Revenue: $186.9 million
EPS: $0.47 per share
Result: reported results

Exact text from the filing

Third quarter revenue of $186.9 million, an increase of 6% compared to the third quarter of fiscal 2022 • Loss per share of $0.47; adjusted loss per share of $0.33 (1)

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

MATRIX SERVICE CO: Board adopted Third Amended and Restated Bylaws effective immediately, updating provisions for Universal Proxy Rules, stockholder list availability, and adjournment procedures to reflect DGCL amendments (effective 2023-05-02).

Change: bylaw amendment
Effective: 2023-05-02

Exact text from the filing

On May 2, 2023, the Board of Directors (the “Board”) of the Company adopted and approved the Company’s Third Amended and Restated Bylaws (the “Third Amended and Restated Bylaws”), effective immediately.

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MATRIX SERVICE CO filing history →

Source: SEC EDGAR

accession 0000866273-23-000012

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