Matrix Service (NASDAQ: MTRX) reported Q2 EPS of $0.19, $0.12 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $318.7 million versus the consensus estimate of $365.61 million.

Key highlights:

• Second quarter revenue was $318.7 million compared to $340.6 million in the same quarter of the prior fiscal year
• Strong quarterly results for Storage Solutions segment with revenue of $142.8 million and gross margin of 13.9%
• Second quarter loss of $1.04 per share, including non-cash charges of $1.23 per share, compared to earnings per diluted share of $0.14 in the same quarter of the prior fiscal year
• Adjusted earnings per diluted share, which excludes the non-cash charges, were $0.19 for the second quarter
• Backlog at the end of the quarter was $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 $276.5 million at December 31, 2019, including cash of $110.5 million, and debt of only $14.8 million
• Repurchased 500,000 shares of stock for $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 organizational 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 organization as we continue to position the Company to maximize shareholder value."

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