Matrix Service (MTRX) Reports Q1 EPS of $0.08, Revenues Beat; Affirms FY19 EPS/Revenue Guidance

Matrix Service (NASDAQ: MTRX) reported Q1 EPS of $0.08, versus $0.00 reported last year. Revenue for the quarter came in at $318.5 million versus the consensus estimate of $289.49 million.

• Revenue increased 18.0% to $318.5 million compared to $269.9 million in the first quarter of the prior fiscal year
• Company earned $0.08 per fully diluted share in the first quarter
• Backlog at $1.109 billion with first quarter project awards of $209.4 million
• Company expects improving quarter over quarter revenue and earnings; affirms fiscal 2019 guidance

“Our first quarter results reflected improved revenue which met our expectations, however gross margins were impacted by the continued work-off of lower margin projects awarded during the recent market downturn,” said Matrix Service Company President and Chief Executive Officer John R. Hewitt. “We expect continued improvement in revenue, gross margins, and earnings per share as we move through the year and are maintaining our Fiscal 2019 guidance.

“Based on the quality and commitment of our people, the strength of our diversified business model, and the increased volume of quality projects in our opportunity pipeline, we are enthusiastic about our ability to achieve our long-term growth aspirations.”

GUIDANCE:

Matrix Service sees FY2019 EPS of $0.85-$1.15, versus the consensus of $0.00. Matrix Service sees FY2019 revenue of $1.25-1.35 billion, versus the consensus of $1.28 billion.

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

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