NASDAQ$MTRX
Matrix Service Co · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Matrix Service reported strong Q4 2023 results driven by significant project awards and backlog growth.
Matrix Service Company reported a strong fourth quarter in fiscal year 2023, marked by project awards of $463.6 million and a book-to-bill ratio of 2.3. The company's backlog increased by 31% to $1.1 billion compared to the third quarter of fiscal 2023. Revenue for the quarter was $205.9 million, a 10% increase compared to the third quarter of fiscal 2023.
- Project awards reached $463.6 million with a book-to-bill ratio of 2.3 for the quarter.
- Backlog increased by 31% to $1.1 billion compared to the third quarter of fiscal 2023.
- Fourth quarter revenue increased to $205.9 million, a 10% increase compared to the third quarter of fiscal 2023.
- Loss per fully diluted share was $0.01 in the fourth quarter; adjusted loss per fully diluted share was $0.11.
Headline financials
Revenue & EPS history
Matrix Service · Revenue · Quarterly
$206M
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 is positioned with high quality backlog which will generate significantly improved results in fiscal 2024 and the next several years.
Tailwinds
- Strong visibility into revenue as work commences on recently awarded large capital projects.
- Focus on maximizing profitability after undergoing an internal transformation that has optimized the cost structure.
- Strategic approach to end markets supported by strong tailwinds will lead to continued backlog growth.
- Strong performance is expected for the foreseeable future.
- Bidding activity remains strong.
Headwinds
- The effective tax rates for both periods were 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.
- Timing of project awards can fluctuate.
- Gross margin of 3.2% in the Storage and Terminals Solutions segment was negatively impacted by low revenue volume, which led to the under recovery of construction overhead costs
- Fourth quarter gross margin of 8.2% in the Process and Industrial Facilities segment was negatively impacted by continued work to close out a midstream gas processing project with a reduced margin profile.
- Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate.
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 Q4 2023
-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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