TULSA, Okla., Feb. 09, 2023 (GLOBE NEWSWIRE) — Matrix Service Company (Nasdaq: MTRX), a leading contractor to the energy and industrial markets across North America, today reported financial results for its second quarter of fiscal 2023.
- Second quarter revenue of $193.8 million, an increase of 20% compared to the second quarter of fiscal 2022
- Project awards in the quarter of $318.7 million, the highest level since the first quarter of fiscal 2020
- Project awards produced a book-to-bill of 1.6 for the quarter and above 1.3 in each of our reporting segments reflecting accelerating activity across our end markets
- Backlog increased by 25% to $740.5 million compared to the second quarter of fiscal 2022
- Second quarter results were negatively impacted by $9.6 million adjustment on a legacy project and a related goodwill impairment charge of $12.3 million, resulting in an aggregate negative impact of $0.82 per share
- Loss per share of $1.22; adjusted loss per share of $0.53(1)
- Adjusted EBITDA loss of $(13.1) million(1) for the second quarter of fiscal 2023