Earnings Update and Outlook- Report on Matrix Service Company

Jul 21, 2015, 09:05 ET from www.aciassociation.com

NEW YORK, July 21, 2015 /PRNewswire/ --

ACI Association has initiated research coverage on Matrix Service Company (NASDAQ: MTRX). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.

Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/?c=MTRX

Highlights from our MTRX Report include:

  • Third Quarter Financial Results -- On May 7, 2015, Matrix Service Company (Matrix Service) reported its financial results for the third quarter ended March 31, 2015. The Oklahoma, based provider of engineering, fabrication, construction and repair and maintenance service posted revenue of $314.2 million in Q3 FY 2015 compared to $381.5 million in Q3 FY 2014. In the reported quarter, the Company recognized a net loss of $3.0 million or $0.11 per diluted share as compared to net income of $11.4 million, or $0.42 per diluted share in Q3 FY 2014. As per Matrix Service, its recently acquired EPC joint venture power generation project in which the Company has a 65% controlling interest, recorded a charge of $28.5 million in the third quarter.
  • Performance During Nine Month Period -- For the nine months ended March 31, 2015 Matrix Service recorded revenue of $978.7 million compared to $918.7 million in the corresponding prior year period representing an increase of 6.5% YoY. For the consolidated 9 months FY 2015 period the Company recorded net income of $6.2 million or $0.23 per diluted share compared with net income of $28.3 million, or $1.05 per diluted share in the corresponding prior year period.
  • Record Orders Backlog Supports its Growth Path - The Company informed that in Q3 FY 2015 Project awards totaled $714.4 million while the same in the nine months FY 2015 stood at $1.30 billion. Matrix Service highlighted that its backlog at March 31, 2015 totaled $1.24 billion, an increase of $400.0 million, or 47.7%, compared to December 31, 2014 backlog of $839.0 million. The Company expressed confidence in its long-term strategy and with record backlog along with a very robust proposal environment; it expects continued growth in fiscal 2016. For Q4 FY 2015, the Company expects revenue to be between $360.0 million and $400.0 million and earnings per fully diluted share to be between $0.25 and $0.30. For FY 2015 revenue is anticipated to be between $1.34 billion and $1.38 billion and earnings per fully diluted share to be between $0.48 and $0.53.
  • Fiscal 2016 Guidance Issued -- In another release dated July 13, 2015, Matrix Service announced Guidance for FY 2016 and expects revenues to range $1.4 billion and $1.6 billion and earnings to be between $1.45 and $1.75 per fully diluted share.

To find out how this influences our rating on Matrix Service Company read the full report in its entirety here: http://www.aciassociation.com/?c=MTRX

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