Matrix Service Company Reports Fourth Quarter and FullYear Fiscal 2024 Financial Results
Intellectia.AI2024-09-10
Matrix Service Company Reports Fourth Quarter and Full-Year Fiscal 2024 Financial Results
Matrix Service Company (NASDAQ: MTRX), a prominent North American industrial engineering, construction, and maintenance company, released its financial results for the fourth quarter and fiscal year, ending June 30, 2024.
Financial Metrics Summary
Fourth Quarter Fiscal 2024: | Metric | Fiscal Q4 2024 | Fiscal Q4 2023 | YoY Change | |----------------------------------|----------------|----------------|------------| | Revenue | $189.5 million | $205.9 million | -7.95% | | Net Loss Per Share | $(0.16) | $(0.01) | N/A | | Adjusted Net Loss Per Share | $(0.14) | $(0.11) | N/A | | Adjusted EBITDA | $0.2 million | $2.2 million | -90.91% |
Full Year Fiscal 2024: | Metric | Fiscal 2024 | Fiscal 2023 | YoY Change | |----------------------------------|----------------|----------------|------------| | Revenue | $728.2 million | N/A | N/A | | Net Loss Per Share | $(0.91) | $(1.94) | N/A | | Adjusted Net Loss Per Share | $(1.03) | $(1.48) | N/A | | Adjusted EBITDA | $(10.5) million| $(18.0) million| N/A |
The decline in revenue for the fourth quarter and full fiscal year was primarily attributed to reduced income from refinery maintenance and midstream gas processing projects. However, improved performance in peak shaver and LNG storage projects partially mitigated these declines.
Revenue Performance by Segment
Fourth Quarter Fiscal 2024:
| Segment | Revenue Q4 2024 | Revenue Q4 2023 | YoY Change |
|---|---|---|---|
| Storage and Terminals Solutions | $70.0 million | $64.1 million | +9.20% |
| Utility and Power Infrastructure | $65.3 million | $39.1 million | +66.50% |
| Process and Industrial Facilities | $54.2 million | $102.7 million | -47.23% |
The Storage and Terminals Solutions segment saw a rise in revenue due to increased NGL storage projects, while the Utility and Power Infrastructure segment benefited from robust LNG peak shaving projects. However, the Process and Industrial Facilities segment suffered a considerable drop due to decreased activity in midstream gas processing and refinery maintenance projects.
Key Developments and Operational Highlights
- Total project awards of $175.9 million in Q4, with a book-to-bill ratio of 0.9x.
- Year-end backlog reached $1.4 billion, marking a 31% increase year-over-year.
- No outstanding debt, with liquidity standing at $169.6 million at year's end.
Comments from Company Leadership
John Hewitt, President and CEO, emphasized the company's strategic advancements in multi-year projects that substantially contributed to fiscal year-end cash generation. Hewitt noted continued strong demand in core markets, robust bidding activity, and a significant year-over-year increase in backlog. Looking forward to fiscal 2025, Hewitt expressed optimism about revenue growth, margin recovery, and profitability enhancement.
Forward Guidance
Matrix Service provided full-year fiscal 2025 revenue guidance between $900 and $950 million, reflecting confidence in backlog conversion and strong project execution.
Stock Price Movement
Post-earnings announcement, Matrix Service Company's stock experienced a decline of 2.45%.
This report underscores Matrix Service Company's strategic business positioning in fiscal 2025 while detailing current challenges and opportunities revealed in its fiscal 2024 financial performance.
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