Matrix Service Q1 revenue rises on segment growth; swings to profit
MTRX•Matrix Service reported fiscal Q1 revenue of $219.4 million, below the $249.8 million analyst estimate, while adjusted EPS of $0.23 beat the $0.18 estimate. The company approved a new $25 million share buyback program.
1. Quarterly results
Fiscal Q1 revenue rose year over year but missed analyst expectations. Adjusted EPS increased and beat expectations; the company reported EPS of $0.22, adjusted net income of $6.4 million and adjusted EBITDA of $7.7 million.
2. Segment and cost drivers
Double-digit organic revenue growth in Storage and Terminal Solutions and Process and Industrial Facilities, led by specialty storage and mining and minerals activity, offset lower volumes in Utility and Power Infrastructure. Improved project execution and overhead recovery lifted gross margins, while restructuring-related reductions in salaries, wages and stock compensation lowered SG&A expenses. Matrix Service provided no specific financial guidance for the current quarter or full year.
