Matrix Service reports 2Q20 results

Key highlights:

• Second quarter revenue was US$318.7 million, compared to US$340.6 million in the same quarter of the prior fiscal year.
• Strong quarterly results for Storage Solutions segment with revenue of US$142.8 million and gross margin of 13.9%.
• Second quarter loss of US$1.04 per share, including non-cash charges of US$1.23 per share, compared to earnings per diluted share of US$0.14 in the same quarter of the prior fiscal year.
• Adjusted earnings per diluted share, which excludes the non-cash charges, were US$0.19 for the second quarter.
• Backlog at the end of the quarter was US$872.2 million, excluding a significant multi-year project with Eagle LNG Partners LLC announced in January 2020 which is expected to begin later in the year.
• Strong liquidity position of US$276.5 million at 31 December 2019, including cash of US$110.5 million, and debt of only US$14.8 million.
• Repurchased 500 000 shares of stock for US$9.9 million during the second quarter.
• Strategic decision to reduce focus on iron and steel business subsequent to the end of the quarter.

“Matrix has continued to strengthen its market position as a leading contractor for terminal and storage work as evidenced by the strong performance in the Storage Solutions segment,” said John R. Hewitt, President and Chief Executive Officer. “As a result of challenges in the Industrial and Electrical Infrastructure segments, we have made a series of strategic changes that we believe are necessary for our business over the long term. These organisational changes in our iron and steel, and power delivery businesses include talent enhancements as well as overhead and capital expenditure reductions. These actions will lead to improved operating performance across the organisation as we continue to position the company to maximise shareholder value.”

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/06022020/matrix-service-reports-2q20-results/