Matrix Service, an industrial engineering, construction, and maintenance contractor, experienced a significant increase in backlog during its latest quarter, leading to a 12% rise in shares to $8.90.
Success in the Market
The year has been fruitful for Matrix Service, with its stock showing an impressive growth of 42% thus far.
Strong Backlog Performance
Matrix Service reported a 31% increase in backlog, reaching $1.1 billion in the fourth quarter compared to the third quarter. The company highlighted strong bidding activity and expressed confidence in the continuing upward trend of its backlog.
Promising Future Outlook
Chief Executive John Hewitt stated that the company's high-quality backlog positions them for substantially improved results in fiscal 2024 and the coming years.
In terms of financials, Matrix Service recorded revenue of $205.9 million in the latest quarter, up from $200.7 million the previous year. This growth was attributed to the impact of newly awarded projects. However, the company did experience a loss of $336,000, or one cent per share, in the quarter ending on June 30. This contrasts with the net income of $13.5 million, or 50 cents per share, from the same period a year ago.