Quarterly ResultMay 6, 2026, 04:07 PM
Matrix Service Q3 Net Income $0.8M; Updates FY26 Revenue Guidance
AI Summary
Matrix Service Company announced its financial results for the third quarter of fiscal 2026, reporting a return to profitability with net income of $0.8 million, or $0.03 per diluted share, compared to a net loss in the prior year. Revenue increased to $206.7 million, driven by higher activity in the Storage and Terminal Solutions segment. Despite strong project execution, the company lowered its full-year fiscal 2026 revenue guidance to $870-$890 million due to client-related engineering and permitting delays, as well as severe weather.
Key Highlights
- Matrix Service reported Q3 FY26 net income of $0.8 million ($0.03 diluted EPS), a significant improvement from a $3.4 million net loss in Q3 FY25.
- Adjusted net income for Q3 FY26 was $3.8 million ($0.13 diluted EPS), up from an adjusted net loss of $3.3 million in Q3 FY25.
- Q3 FY26 revenue increased 3.2% to $206.7 million from $200.2 million in Q3 FY25.
- The company updated its fiscal 2026 revenue guidance to $870-$890 million, a 2% decrease at the midpoint from previous guidance.
- Total liquidity stood at $297.2 million with no outstanding debt as of March 31, 2026.
- Total backlog was $1.0 billion, with new awards of $108.3 million in Q3, resulting in a book-to-bill ratio of 0.5x.
- Storage and Terminal Solutions segment revenue rose 16% to $111.6 million with gross margin improving to 7.0% from 3.9%.
- Utility and Power Infrastructure segment revenue increased 2% to $60.0 million, with gross margin improving to 13.6% from 9.4%.