Tue, Sep 10, 8:14 PM (101 days ago)
Matrix Service Company reported a fiscal 2024 revenue of $728.2 million, an 8% decrease from $795.0 million in 2023. The decline was primarily due to reduced revenue in the Process and Industrial Facilities segment, which dropped 28%. However, gross profit increased by 31% to $40.5 million, reflecting improved project execution and a gross margin rise from 3.9% to 5.6%. Despite a net loss of $25.0 million, a significant improvement over the previous year's loss of $52.4 million was noted. Total backlog grew to $1.43 billion, driven by $1.1 billion in new awards, indicating a book-to-bill ratio of 1.5. The company maintained a strong liquidity position, with $115.6 million in cash and $54.0 million available under its asset-based credit facility. Key risks include reliance on large contracts, cyclical demand influenced by economic conditions, and potential cost overruns on fixed-price contracts. The company emphasized its commitment to operational efficiency and strategic growth in renewable energy sectors, particularly LNG and hydrogen projects.