NASDAQ$MTRX
Matrix Service Co · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Reported a decrease in revenue due to COVID-19 and weather impacts, resulting in a net loss.
Matrix Service Company reported a third quarter revenue of $148.3 million, impacted by COVID-19 and severe weather. The company experienced a net loss of $0.49 per share, with an adjusted loss of $0.43 per share. Despite these challenges, the company maintains a strong balance sheet with $73.8 million in cash and no debt, and anticipates improved results in the coming quarters.
- Third quarter revenue was $148.3 million, affected by COVID-19 and weather.
- Loss per share was $0.49, adjusted loss per share was $0.43.
- Book-to-bill ratio was 0.9 with project awards of $138.0 million and a backlog of $538.3 million.
- Company anticipates increasing project awards as the year progresses and is focused on clean energy opportunities.
Headline financials
Revenue & EPS history
Matrix Service · Revenue · Quarterly
$148M
Revenue by segment
Matrix Service · $123M total across 1 segment · Q4 2020
- Storage and Terminal Solutions$123M-17.8%100.0%
Forward guidance
The Company expects results to improve as business volumes increase following $60 million of cost reductions achieved over the last year. While certain project awards and starts have certainly been delayed, the company believes the third quarter was the bottom of the cycle and expect the fourth quarter to significantly improve. We expect this improvement to continue as we move into fiscal 2022.
Tailwinds
- COVID-19 infection rates are declining.
- Bidding opportunities are growing, especially in key strategic areas.
- Balance sheet is strong.
- Leaner organization is in place.
- Increasing focus on clean energy solutions is creating new, significant opportunities.
Headwinds
- Project awards and starts have been delayed.
- Third quarter results were negatively impacted by lower than forecasted volumes.
- Under recovery of construction overhead costs reduced gross margin.
- COVID-19's impact on energy demand has affected market conditions.
- Some customers continue to delay or reduce discretionary maintenance and capital spending.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2021
-2.0%
Avg return
Earnings day
-0.9%
Avg return
5 days after
+1.7%
Avg return
30 days after
46%
29 / 63 earnings
Positive
+27.3%
Q2 2014
Best reaction
-34.3%
Q2 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | -12.0% | -11.9% | -1.9% | |
| Q2 2026 | -16.7% | -15.5% | -18.8% | |
| Q1 2026 | -18.8% | -19.7% | -25.1% | |
| Q3 2025 | +11.1% | +5.8% | +1.6% | |
| Q2 2025 | +0.1% | +6.7% | -16.6% | |
| Q1 2025 | +13.1% | +13.8% | +14.3% | |
| Q4 2024 | +12.5% | +17.0% | +21.6% | |
| Q3 2024 | -10.8% | -8.7% | -9.1% | |
| Q2 2024 | +20.5% | +30.8% | +38.9% | |
| Q1 2024 | +2.2% | -1.7% | -14.1% | |
| Q4 2023 | +13.4% | +14.1% | +51.4% | |
| Q3 2023 | +2.8% | +3.1% | +8.3% | |
| Q2 2023 | -19.2% | -26.3% | -30.9% | |
| Q1 2023 | +6.7% | +8.9% | +15.6% | |
| Q4 2022 | -7.4% | -12.2% | +13.6% | |
| Q3 2022 | -17.0% | -23.4% | +3.2% | |
| Q2 2022 | +2.6% | -2.2% | +31.5% | |
| Q1 2022 | -0.9% | -1.0% | -18.6% | |
| Q4 2021 | -4.5% | -5.7% | -0.8% | |
| Q3 2021 | -8.2% | -10.2% | -20.3% | |
| Q2 2021 | -1.6% | +1.2% | +22.7% | |
| Q4 2020 | -5.8% | +6.9% | -7.8% | |
| Q3 2020 | -2.7% | -5.5% | +24.2% | |
| Q2 2020 | -34.3% | -35.3% | -36.3% | |
| Q1 2020 | -0.7% | -7.0% | +6.5% | |
| Q4 2019 | +17.8% | +7.3% | -5.0% | |
| Q3 2019 | +12.1% | +7.9% | -3.6% | |
| Q2 2019 | -12.4% | -7.4% | -10.7% | |
| Q1 2019 | +7.9% | -2.7% | -12.1% | |
| Q4 2018 | +2.1% | +22.6% | +9.3% | |
| Q3 2018 | +0.9% | +2.7% | +11.3% | |
| Q2 2018 | -14.7% | -12.4% | -8.3% | |
| Q1 2018 | +3.9% | +9.2% | +19.7% | |
| Q4 2017 | +14.4% | +17.7% | +16.0% | |
| Q3 2017 | -6.5% | -8.4% | -19.2% | |
| Q2 2017 | -12.9% | -17.9% | -26.4% | |
| Q1 2017 | +2.4% | +11.5% | +28.6% | |
| Q4 2016 | +13.2% | +13.2% | +13.3% | |
| Q3 2016 | -23.2% | — | — | |
| Q2 2016 | -12.0% | — | — | |
| Q1 2016 | -5.9% | — | — | |
| Q4 2015 | +7.0% | — | — | |
| Q3 2015 | -15.3% | — | — | |
| Q2 2015 | -12.9% | — | — | |
| Q1 2015 | -8.4% | — | — | |
| Q4 2014 | -19.5% | — | — | |
| Q3 2014 | +14.4% | — | — | |
| Q2 2014 | +27.3% | — | — | |
| Q1 2014 | -4.6% | — | — | |
| Q4 2013 | +4.7% | — | — | |
| Q3 2013 | +4.9% | — | — | |
| Q2 2013 | +4.4% | — | — | |
| Q1 2013 | +4.4% | — | — | |
| Q4 2010 | -8.8% | — | — | |
| Q4 2012 | -11.0% | — | — | |
| Q3 2011 | -8.9% | — | — | |
| Q3 2012 | -10.9% | — | — | |
| Q2 2011 | +0.2% | — | — | |
| Q2 2012 | +1.1% | — | — | |
| Q1 2012 | -6.0% | — | — | |
| Q1 2011 | -6.0% | — | — | |
| Q4 2011 | -6.0% | — | — | |
| Q3 2010 | +11.8% | — | — |
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