Matrix Service Appoints Shawn Payne as COO
Matrix Service in connection with the board's succession planning, has announced the appointment of Shawn Payne as COO, effective immediately. He will assume the role of president and CEO when John Hewitt, a director and the company's president and CEO, steps down from his roles effective June 30.
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Matrix Service Company Q2 2026 Earnings Call Highlights
- Leadership Transition: Matrix Service Company announced that COO Sean Payne will become CEO on June 30, 2026, with CEO Hewitt expressing confidence in Sean's operational expertise and commitment to stakeholders, which is expected to drive future growth.
- Revenue Growth: The company reported Q2 revenue of $210.5 million, a 12% year-over-year increase, with utility and power infrastructure accounting for over 60% of this growth, indicating strong performance across all business segments.
- Pipeline Expansion: Current backlog stands at $1.1 billion, with the opportunity pipeline expanding to $7.3 billion; Hewitt emphasized that despite delays in project awards, maintenance activities remain robust, positioning the company for profitability in the second half of the year.
- Financial Performance: Q2 gross profit increased by 21% to $13.1 million, with gross margin rising to 6.2%, while cash flow improved by $7 million to $224 million, reflecting a positive trend in the company's financial health.
DA Davidson Reaffirms Buy Rating on Matrix Service with $17 Price Target Intact
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INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Matrix Service Company - MTRX
Investigation Announcement: Pomerantz LLP is investigating potential securities fraud and unlawful business practices by Matrix Service Company and its executives, urging affected investors to reach out for more information.
Financial Performance and Stock Impact: Matrix reported disappointing fiscal results for Q4 2025, with significant losses and missed revenue estimates, leading to a 13.89% drop in its stock price following the announcement.
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Matrix Service Company - MTRX
Investigation Announcement: Pomerantz LLP is investigating potential securities fraud and unlawful business practices by Matrix Service Company and its executives, urging affected investors to reach out for assistance.
Financial Performance and Stock Impact: Matrix reported disappointing fiscal results for Q4 2025, with significant losses and revenue misses, leading to a 13.89% drop in its stock price following the announcement.
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Matrix Service Company - MTRX
Investigation Announcement: Pomerantz LLP is investigating potential securities fraud and unlawful business practices by Matrix Service Company and its executives, urging affected investors to reach out for assistance.
Financial Performance and Stock Impact: Matrix reported disappointing fiscal results for Q4 2025, with significant losses and revenue misses, leading to a 13.89% drop in its stock price following the announcement.
Investor Notice: Pomerantz Law Firm Probes Allegations for Matrix Service Company (MTRX) Investors
Investigation Announcement: Pomerantz LLP is investigating potential securities fraud and unlawful business practices by Matrix Service Company and its executives, urging affected investors to reach out for assistance.
Financial Performance and Stock Impact: Matrix reported disappointing fiscal results for Q4 2025, with significant losses and missed revenue estimates, leading to a 13.89% drop in its stock price following the announcement.
Matrix Service Company Q2 2026 Earnings Call Highlights
- Leadership Transition: Matrix Service Company announced that COO Sean Payne will become CEO on June 30, 2026, with CEO Hewitt expressing confidence in Sean's operational expertise and commitment to stakeholders, which is expected to drive future growth.
- Revenue Growth: The company reported Q2 revenue of $210.5 million, a 12% year-over-year increase, with utility and power infrastructure accounting for over 60% of this growth, indicating strong performance across all business segments.
- Pipeline Expansion: Current backlog stands at $1.1 billion, with the opportunity pipeline expanding to $7.3 billion; Hewitt emphasized that despite delays in project awards, maintenance activities remain robust, positioning the company for profitability in the second half of the year.
- Financial Performance: Q2 gross profit increased by 21% to $13.1 million, with gross margin rising to 6.2%, while cash flow improved by $7 million to $224 million, reflecting a positive trend in the company's financial health.
DA Davidson Reaffirms Buy Rating on Matrix Service with $17 Price Target Intact
Real-time Intelligence: Benzinga Pro offers traders the fastest news alerts to stay updated on market movements.
Exclusive Content: Subscribers gain access to unique stories and insights generated by Benzinga reporters.
Community of Traders: Over 10,000 serious traders are part of the Benzinga Pro community, enhancing their trading strategies.
Market Winning Tools: The platform is designed to help traders succeed in the markets every day with accurate stock market intelligence.
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Matrix Service Company - MTRX
Investigation Announcement: Pomerantz LLP is investigating potential securities fraud and unlawful business practices by Matrix Service Company and its executives, urging affected investors to reach out for more information.
Financial Performance and Stock Impact: Matrix reported disappointing fiscal results for Q4 2025, with significant losses and missed revenue estimates, leading to a 13.89% drop in its stock price following the announcement.
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Matrix Service Company - MTRX
Investigation Announcement: Pomerantz LLP is investigating potential securities fraud and unlawful business practices by Matrix Service Company and its executives, urging affected investors to reach out for assistance.
Financial Performance and Stock Impact: Matrix reported disappointing fiscal results for Q4 2025, with significant losses and revenue misses, leading to a 13.89% drop in its stock price following the announcement.
INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Matrix Service Company - MTRX
Investigation Announcement: Pomerantz LLP is investigating potential securities fraud and unlawful business practices by Matrix Service Company and its executives, urging affected investors to reach out for assistance.
Financial Performance and Stock Impact: Matrix reported disappointing fiscal results for Q4 2025, with significant losses and revenue misses, leading to a 13.89% drop in its stock price following the announcement.
Investor Notice: Pomerantz Law Firm Probes Allegations for Matrix Service Company (MTRX) Investors
Investigation Announcement: Pomerantz LLP is investigating potential securities fraud and unlawful business practices by Matrix Service Company and its executives, urging affected investors to reach out for assistance.
Financial Performance and Stock Impact: Matrix reported disappointing fiscal results for Q4 2025, with significant losses and missed revenue estimates, leading to a 13.89% drop in its stock price following the announcement.
