Matrix Service (NASDAQ: MTRX) reported Q3 EPS of ($0.53), $0.40 worse than the analyst estimate of ($0.13). Revenue for the quarter came in at $166 million versus the consensus estimate of $195.29 million.

Outlook

The following forward-looking guidance reflects the Company’s current expectations and beliefs as of May 8, 2024. The following statements apply only as of the date of this disclosure and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document:

On an overall basis, the quality of the Company’s backlog remains strong, and its revenue is expected to increase in the fourth quarter as the backlog converts to revenue.

On a segment basis:

In Storage and Terminal Solutions segment, the Company expects revenue to increase on both a year over year and sequential basis as the level of work increases on specialty vessel projects currently in backlog.
In the Utility and Power Infrastructure segment, the Company expects revenue to increase on both a year over year and sequential basis as the level of work increases on LNG peak shaving projects currently in backlog.
In the Process and Industrial Facilities segment, the Company expects revenue to decrease on both a year over year and sequential basis as existing projects near completion and we await the start of new projects both in backlog and in our opportunity pipeline.

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