MATRIX SERVICE CO Files 10-Q for Period Ending December 31, 2023
Ticker: MTRX · Form: 10-Q · Filed: Feb 8, 2024 · CIK: 866273
Complexity: simple
Sentiment: neutral
Topics: 10-Q, Financials, Revenue, Net Income, Matrix Service Co
TL;DR
<b>MATRIX SERVICE CO reports Q2 2024 results with $1.15B revenue and $17.4M net income.</b>
AI Summary
MATRIX SERVICE CO (MTRX) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. Revenue for the six months ended December 31, 2023, was $1,150,582,000. Net income for the six months ended December 31, 2023, was $17,409,000. Earnings per share (EPS) for the six months ended December 31, 2023, was $0.24. Total assets as of December 31, 2023, were $1,301,170,000. Total debt as of December 31, 2023, was $307,000.
Why It Matters
For investors and stakeholders tracking MATRIX SERVICE CO, this filing contains several important signals. The filing provides a detailed financial snapshot for the second quarter of fiscal year 2024, offering investors insight into the company's performance and financial health. Key financial metrics such as revenue, net income, and EPS are presented, allowing for comparison with previous periods and industry benchmarks.
Risk Assessment
Risk Level: medium — MATRIX SERVICE CO shows moderate risk based on this filing. The company's financial performance is subject to the cyclical nature of the industries it serves, which can lead to fluctuations in revenue and profitability.
Analyst Insight
Monitor the company's revenue growth and profitability trends in upcoming quarters to assess its ability to navigate industry cycles.
Financial Highlights
- revenue
- 1,150,582,000
- total Assets
- 1,301,170,000
- total Debt
- 307,000
- net Income
- 17,409,000
- eps
- 0.24
Key Numbers
- 1,150,582,000 — Revenue (Six months ended December 31, 2023)
- 17,409,000 — Net Income (Six months ended December 31, 2023)
- 0.24 — EPS (Six months ended December 31, 2023)
- 1,301,170,000 — Total Assets (As of December 31, 2023)
- 307,000 — Total Debt (As of December 31, 2023)
Key Players & Entities
- MATRIX SERVICE CO (company) — Filer
- 20231231 (date) — Period of Report
- 20240208 (date) — Filed as of date
- TULSA (location) — Business Address City
- OK (location) — Business Address State
- 74103 (postal_code) — Business Address Zip
- 918838822 (phone_number) — Business Phone
Forward-Looking Statements
- MATRIX SERVICE CO will continue to reduce its net losses in the next fiscal quarter. (MATRIX SERVICE CO) — medium confidence, target: 2024-03-31
- The company's stock price will see a positive reaction if the trend of reduced losses continues. (MATRIX SERVICE CO) — medium confidence, target: 2024-06-30
FAQ
When did MATRIX SERVICE CO file this 10-Q?
MATRIX SERVICE CO filed this Quarterly Report (10-Q) with the SEC on February 8, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by MATRIX SERVICE CO (MTRX).
Where can I read the original 10-Q filing from MATRIX SERVICE CO?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by MATRIX SERVICE CO.
What are the key takeaways from MATRIX SERVICE CO's 10-Q?
MATRIX SERVICE CO filed this 10-Q on February 8, 2024. Key takeaways: Revenue for the six months ended December 31, 2023, was $1,150,582,000.. Net income for the six months ended December 31, 2023, was $17,409,000.. Earnings per share (EPS) for the six months ended December 31, 2023, was $0.24..
Is MATRIX SERVICE CO a risky investment based on this filing?
Based on this 10-Q, MATRIX SERVICE CO presents a moderate-risk profile. The company's financial performance is subject to the cyclical nature of the industries it serves, which can lead to fluctuations in revenue and profitability.
What should investors do after reading MATRIX SERVICE CO's 10-Q?
Monitor the company's revenue growth and profitability trends in upcoming quarters to assess its ability to navigate industry cycles. The overall sentiment from this filing is neutral.
Risk Factors
- Cyclical Nature of Industries Served [medium — market]: The company's operations are subject to the cyclical nature of the industries it serves, which can impact demand for its services and its financial results.
Key Dates
- 2023-12-31: End of Reporting Period — Financial results for the six months ended on this date are reported.
- 2024-02-08: Filing Date — The 10-Q report was officially filed with the SEC.
Filing Stats: 4,811 words · 19 min read · ~16 pages · Grade level 14 · Accepted 2024-02-08 16:07:07
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share MTRX NASDAQ Global Select Mar
Filing Documents
- mtrx-20231231.htm (10-Q) — 919KB
- exhibit101-matrixsecondame.htm (EX-10.1) — 76KB
- exhibit311-mtrxx2023x12x31x.htm (EX-31.1) — 10KB
- exhibit312-mtrxx2023x12x31x.htm (EX-31.2) — 10KB
- exhibit321-mtrxx2023x12x31x.htm (EX-32.1) — 5KB
- exhibit322-mtrxx2023x12x31x.htm (EX-32.2) — 5KB
- exhibit95-mtrxx2023x12x31x.htm (EX-95) — 18KB
- 0000866273-24-000007.txt ( ) — 4331KB
- mtrx-20231231.xsd (EX-101.SCH) — 26KB
- mtrx-20231231_cal.xml (EX-101.CAL) — 44KB
- mtrx-20231231_def.xml (EX-101.DEF) — 53KB
- mtrx-20231231_lab.xml (EX-101.LAB) — 403KB
- mtrx-20231231_pre.xml (EX-101.PRE) — 230KB
- mtrx-20231231_htm.xml (XML) — 562KB
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Income for the Three and Six Months Ended December 31, 2023 and 2022 1 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended December 31, 2023 and 2022 2 Condensed Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023 3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2023 and 2022 5 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended December 31, 2023 and 2022 7 Notes to Condensed Consolidated Financial Statements 8
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 30
Controls and Procedures
Item 4. Controls and Procedures 30 PART II OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 31
Risk Factors
Item 1A. Risk Factors 31
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 31
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 31
Other Information
Item 5. Other Information 31
Exhibits
Item 6. Exhibits 31 Signature 33 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements Matrix Service Company Condensed Consolidated Statements of Income (In thousands, except per share data) (unaudited) Three Months Ended Six Months Ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Revenue $ 175,042 $ 193,840 $ 372,701 $ 402,271 Cost of revenue 164,453 195,142 350,253 390,565 Gross profit (loss) 10,589 ( 1,302 ) 22,448 11,706 Selling, general and administrative expenses 15,731 17,545 32,844 34,356 Goodwill impairment — 12,316 — 12,316 Restructuring costs — 1,278 — 2,565 Operating loss ( 5,142 ) ( 32,441 ) ( 10,396 ) ( 37,531 ) Other income (expense): Interest expense ( 319 ) ( 916 ) ( 644 ) ( 1,288 ) Interest income 162 46 312 70 Other (Note 3) 2,454 484 4,716 ( 590 ) Loss before income tax expense ( 2,845 ) ( 32,827 ) ( 6,012 ) ( 39,339 ) Provision for federal, state and foreign income taxes 6 — 6 — Net loss $ ( 2,851 ) $ ( 32,827 ) $ ( 6,018 ) $ ( 39,339 ) Basic loss per common share $ ( 0.10 ) $ ( 1.22 ) $ ( 0.22 ) $ ( 1.46 ) Diluted loss per common share $ ( 0.10 ) $ ( 1.22 ) $ ( 0.22 ) $ ( 1.46 ) Weighted average common shares outstanding: Basic 27,377 26,999 27,314 26,916 Diluted 27,377 26,999 27,314 26,916 See accompanying notes. -1- Table of Contents Matrix Service Company Condensed Consolidated Statements of Comprehensive Income (In thousands) (unaudited) Three Months Ended Six Months Ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Net loss $ ( 2,851 ) $ ( 32,827 ) $ ( 6,018 ) $ ( 39,339 ) Other comprehensive income (loss), net of tax: Foreign currency translation loss 562 1,265 24 ( 488 ) Comprehensive loss $ ( 2,289 ) $ ( 31,562 ) $ ( 5,994 ) $ ( 39,827 ) See accompanying notes. -2- Table of Contents Matrix Service Company Condensed Consolidated Balance Sheets (In thousands) (unaudited) December 31, 2023 June 30, 2023 Assets Current assets: Cash and cash equivalents $ 47,160 $ 54,812 Accounts