Q1 2025 Matrix Service Co Earnings Call Transcript
Key Points
- Matrix Service Co (MTRX) began fiscal 2025 with a strong backlog of $1.4 billion, providing visibility into the current year and beyond.
- The company anticipates a return to profitability in fiscal 2025, supported by strong project execution and backlog conversion.
- Matrix Service Co (MTRX) has a strategic focus on higher-margin specialty engineering and construction opportunities, which is expected to drive long-term value creation.
- The demand for LNG, NGL, and ammonia storage and terminal infrastructure is robust, supporting the company's growth strategy.
- Matrix Service Co (MTRX) maintains a strong balance sheet with $150 million in cash and zero debt, ensuring financial stability and liquidity.
- Revenue for the first quarter of fiscal 2025 was $165.6 million, a decline from $197.7 million in the same period of fiscal 2024, primarily due to the completion of a large renewable diesel project.
- Gross margins were negatively impacted by the under-recovery of construction overhead costs, with a quarterly impact of over 600 basis points.
- The company reported a net loss of $9.2 million or 33 cents per share for the first quarter of fiscal 2025, compared to an adjusted net loss of $5.7 million or 21 cents per share in the prior year.
- The book-to-bill ratio for the first quarter was 0.9, indicating that new project awards were not keeping pace with revenue.
- There are multiple variables, such as the Presidential election and regulatory environment, that could affect the timing of project awards and starts.
Good morning and welcome to the Matrix Service Company conference call to discuss results for the first quarter of fiscal 2025. Currently, all participants are in a listen-only mode later, we will conduct a question and answer session and instructions will be given at that time.
If you require assistance at any time, please press star zero on your telephone. As a reminder, this conference is call is being recorded. I would now like to turn the conference over to today's host, Miss Kelly Smythe, Senior Director of Investor Relations for Matrix Service Company.
Thank you, Steven. Good morning and welcome to Matrix Service Company's first quarter. Fiscal 2025 earnings call participants on today's call include John Hewitt, President and Chief Executive Officer and Kevin Kavanaugh, Vice President and Chief Financial Officer. The presentation materials referred to during the webcast today can be found under events, presentations on the investor relations section of Matrix service company dotcom. As a reminder on
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