Matrix Service Company Reports First Quarter Results; Affirms Fiscal 2017 Guidance

TULSA, Okla., Nov. 07, 2016 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX), a leading contractor to the energy, power and industrial markets across North America, today reported financial results for its first quarter ended September 30, 2016.

Key highlights:
  • Revenue increases to $341.8 million compared to $319.3 million in the first quarter of the prior fiscal year
  • Company achieves strong fully diluted earnings per share of $0.35
  • Backlog remains solid at $786.6 million with first quarter project awards of $259.7 million
  • Company affirms fiscal 2017 guidance

"We are pleased with our first quarter results which reflect strong revenue and earnings per share, led by very strong operational performance in our Storage Solutions segment," said Matrix Service Company President and Chief Executive Officer John R. Hewitt.  "Additionally, project awards of almost $260 million support our fiscal 2017 revenue guidance."

Related to the Company's pipeline of project opportunities, Hewitt indicated that as the commodity markets begin to show signs of recovery, customers in the Company's Storage and Oil Gas & Chemical segments are showing cautious optimism as demonstrated by their proposal activity, FEED work and planning requirements.  The Electrical Infrastructure segment continues to have a strong contracting environment in both delivery and generation.

"Based on our long-term macro view of our business markets and the bidding environment we currently see, we expect capital projects and maintenance spending to increase over the next several quarters and into our fiscal 2018. Based on our strategic position in the marketplace and our strong client relationships, we remain confident in our ability to win projects that support our growth objectives and strategic vision," he said.

First Quarter Fiscal 2017 Results

Consolidated revenue was $341.8 million for the three months ended September 30, 2016, compared to $319.3 million in the same period in the prior fiscal year.  The 7.0% increase resulted from the strength of the Storage Solutions and Electrical Infrastructure segments.  The Company earned $9.3 million, or $0.35 per fully diluted share in the first quarter of fiscal 2017 compared to $9.9 million, or $0.37 per fully diluted share in the prior year.

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