Matrix Service Company Reports Fiscal Year 2027 First Quarter Results
Key Highlights
- ➤Net income $6.2 million, or $0.22 per share, versus prior-year loss
- ➤Adjusted EBITDA $7.7 million versus $2.5 million, with margin expansion
- ➤Revenue $219.4 million versus $211.9 million, driven by two segments
- ➤Backlog $872.6 million; quarterly awards totaled $138.8 million
- ➤Board approved a new $25 million share buyback program
Expert Statements
Shawn P. Payne, President and Chief Executive Officer of Matrix Service Company
“Our first quarter results reflect the continued execution of our WIN, EXECUTE, DELIVER strategy and demonstrate the progress we are making to position Matrix for sustainable, profitable growth,”
Shawn P. Payne, President and Chief Executive Officer of Matrix Service Company
“Our third consecutive quarter of profitability, coupled with meaningful Adjusted EBITDA margin expansion, reflects the structural changes we have made over the past 18 months to improve execution, create a more efficient operating model, and drive more consistent profitability as we grow.”
Shawn P. Payne, President and Chief Executive Officer of Matrix Service Company
“Double-digit organic revenue growth in our Storage and Terminal Solutions and Process and Industrial Facilities segments, led by specialty storage and mining and minerals activity, more than offset lower natural gas peak shaving volumes in Utility and Power Infrastructure”
Shawn P. Payne, President and Chief Executive Officer of Matrix Service Company
“Our commercial priorities are deepening strategic customer relationships, expanding our presence in attractive growth markets, broadening our service capabilities, and converting our strong opportunity pipeline into high-quality backlog”
Shawn P. Payne, President and Chief Executive Officer of Matrix Service Company
“Operationally, we are focused on recruiting and retaining the skilled labor our revenue base requires, applying disciplined bidding and pricing strategies, and delivering best-in-class project execution.”
Shawn P. Payne, President and Chief Executive Officer of Matrix Service Company
“We will deploy capital with the same discipline, evaluating share repurchases and, when available, acquisitions that expand our footprint and capabilities, supported by a debt-free balance sheet and $221.8 million of liquidity at quarter end.”
Shawn P. Payne, President and Chief Executive Officer of Matrix Service Company
“Reflecting confidence in our strategy and the strength of our financial position, the board also approved a new share buyback program for $25 million”
Shawn P. Payne, President and Chief Executive Officer of Matrix Service Company
“We view share repurchases as an attractive use of capital, and we intend to execute against the expanded authorization opportunistically, subject to market conditions, as part of our commitment to long-term value creation for shareholders.”
HOUSTON, Nov. 04, 2026 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX, "Matrix" or "the Company"), a leading heavy industrial contractor that engineers, constructs, and maintains critical infrastructure across the energy, power, and industrial end-markets, today announced financial results for the first quarter of fiscal 2027 ended September 30, 2026.
FIRST QUARTER FISCAL 2027 HIGHLIGHTS (all comparisons versus the prior year period unless otherwise noted) * Revenue of $219.4 million versus $211.9 million; * Net income of $6.2 million, or $0.22 per diluted share versus net loss of $3.7 million or $(0.13) per share * Adjusted net income((1)) of $6.4 million, or $0.23 per diluted share versus adjusted net loss of $0.3 million, or $(0.01) per share; * Adjusted EBITDA((1)) of $7.7 million versus $2.5 million * Liquidity((2)) at September 30, 2026 of $221.8 million with no outstanding debt * Total backlog of $872.6 million, with awards of $138.8 million (1) Adjusted net income and adjusted net income per diluted share are non-GAAP financial measures which exclude restructuring expense, Adjusted EBITDA is a non-GAAP financial measure which excludes interest expense, interest income, income taxes, depreciation and amortization expense, restructuring expense, and stock-based compensation. See the Non-GAAP Financial Measures section included at the end of this release for a reconciliation to net income and net income per share. (2) Liquidity includes unrestricted cash, cash equivalents and borrowing availability under a $90 million ABL facility maturing in September 2029
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