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Matrix Service Company announces receipt of $464 million in awards during the fiscal fourth quarter

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Matrix Service Company, a leading provider of engineering and construction services to the energy and industrial markets, has announced the receipt of $464 million in awards during the fiscal fourth quarter. This brings the company’s ending backlog to $1.1 billion as of June 30, 2023, marking the largest backlog since June 30, 2018. Additionally, the total awards for fiscal 2023 exceeded $1.3 billion, the highest annual total in five years.

According to Matrix Service Company president and CEO John R. Hewitt, the substantial backlog is a result of the company’s strategic focus on core markets that align with their skills, expertise, and strong brand. Hewitt believes that this backlog will support long-term sustainable revenue and improved earnings as the company enters fiscal year 2024. He also notes that the reshaping of global energy markets, the push towards lower carbon activity, and industrial reshoring offer long-term opportunities that are expected to drive further backlog growth.

Hewitt attributes the company’s strong business prospects to the dedication and hard work of their teams in transforming the organization. This transformation has enabled Matrix Service Company to execute projects safely, improve cost structures, optimize operating processes, and maintain best-in-class quality for their customers.

The company has set the dates for the release of their fourth quarter and fiscal 2023 financial results, as well as a related conference call. The results will be announced after the market closes on Monday, September 11, 2023. Matrix Service Company expects the results to be in line with consensus. On Tuesday, September 12, 2023, Matrix Service Company president and CEO John R. Hewitt, along with chief financial officer Kevin S. Cavanah, will host a conference call at 10:30 a.m. Eastern time/9:30 a.m. Central time to present and discuss the company’s full year-end financial results and provide a forward outlook.

With a strong backlog and positive business prospects, Matrix Service Company is well-positioned to capitalize on the long-term opportunities in the energy and industrial markets. As they continue to focus on their core markets and leverage their expertise, the company is confident in its ability to drive further growth and deliver value to its customers and shareholders.

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