Matrix Service (NASDAQ: MTRX) reported Q2 EPS of $0.14, versus $0.17 reported last year. Revenue for the quarter came in at $340.6 million versus the consensus estimate of $317.23 million.

• Revenue increased 20.4% to $340.6 million compared to $282.9 million in the second quarter of the prior fiscal year, driven by increases of 78.5% and 18.8%, respectively, in the Storage Solutions and Industrial segments
• Fully diluted earnings per share were $0.14 in the second quarter and $0.23 year-to-date
• Backlog at $1.046 billion, up 44.3% compared to $725.0 million for the same period a year ago
• Company increases revenue guidance from $1.250 to $1.350 billion to $1.350 to $1.425 billion; maintains earnings guidance of $0.85 to $1.15 per fully diluted share

“We are pleased with our continued improvement in revenue. Consistent with past commentary, our gross margins in the quarter were lower than our long-term targets. However, quarter-over-quarter results are trending in the right direction. With an improving quality of backlog and new projects, we expect to see revenue, gross margins, and earnings per share increase as we move through the second half of the year," said John R. Hewitt, President and Chief Executive Officer. "However, the impact of higher revenue volumes and continuing margin improvement in the second half of the year is offset by the lower margin performance in the first half. As a result, while we are increasing our revenue guidance, earnings per share guidance remains unchanged.

"Looking forward, based on the strength of our backlog, end markets, and project opportunity pipeline across all of our operating segments, we expect to end Fiscal 2019 in a strong backlog position. Our confidence in the Company and our end markets is reinforced by the fact that we bought back over $5 million in stock late in this second quarter."

GUIDANCE:

Matrix Service sees FY2019 EPS of $0.85-$1.15. Matrix Service sees FY2019 revenue of $1.35-1.425 billion, versus the consensus of $1.28 billion.

For earnings history and earnings-related data on Matrix Service (MTRX) click here.