NASDAQ$MTRX
Matrix Service Co · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Matrix Service Company reported Q3 2024 results with a significant backlog increase but a revenue decline.
Matrix Service Company reported a 11% decrease in revenue to $166.0 million for the third quarter of fiscal year 2024, while backlog increased by 74% year-over-year to $1.45 billion. The company experienced a net loss per share of ($0.53) and an adjusted EBITDA of ($9.8) million. Despite the revenue decline, project performance remained strong, and the company is positioned for improved profitability in fiscal 2025.
- Total backlog increased by 74% year-over-year to $1.45 billion, the highest in company history.
- Total project awards reached $186.8 million, resulting in a book-to-bill ratio of 1.1x.
- Revenue declined by 11% year-over-year to $166.0 million.
- Cash flow from operations was $25 million, a 25% increase year-over-year.
Headline financials
Revenue & EPS history
Matrix Service · Revenue · Quarterly
$166M
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 revenue to increase in the fourth quarter as backlog converts to revenue. Revenue volumes are expected to increase in the Storage and Terminal Solutions and Utility and Power Infrastructure segments, while the Process and Industrial Facilities segment is expected to see a decrease.
Tailwinds
- Overall backlog quality remains strong.
- Revenue is expected to increase in the fourth quarter.
- Storage and Terminal Solutions segment expects increased revenue volumes due to specialty vessel projects.
- Utility and Power Infrastructure segment expects increased revenue volumes due to LNG peak shaving projects.
- Company expects improvement in project activity versus third quarter results, positioning the company to realize improved fixed cost absorption into fiscal year-end
Headwinds
- Process and Industrial Facilities segment expects revenue to decrease as existing projects near completion.
- Gross margins were negatively impacted by the under-recovery of construction overhead costs due to low revenue.
- Gross margin was impacted by reduced labor demand for turnaround and maintenance services in the final year of a three-year refinery maintenance contract.
- SG&A expenses increased primarily due to an increase in expense associated with the variable accounting for cash-settled stock compensation, and increased project pursuit costs.
- The Company's effective tax rate for the third quarter of fiscal 2024 was zero, impacted by the valuation allowance placed on all our deferred tax assets due to the existence of a cumulative loss over a three-year period.
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 2024
-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% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro