TULSA, OK – November 7, 2022 – Matrix Service Company (Nasdaq: MTRX), a leading contractor to the energy and industrial markets across North America, today reported financial results for its first quarter of fiscal 2023.
- First quarter revenue of $208.4 million, an increase of 24% compared to the first quarter of fiscal 2022 and a 4% increase compared to the fourth quarter of fiscal 2022
- Project awards in the quarter of $234.6 million, a 20% increase compared to the fourth quarter of fiscal 2022, resulting in a book-to-bill of 1.1 for the quarter; backlog increased to $615.7 million
- Additional notable project awards subsequent to the end of the quarter, include a recently announced LNG peak shaving upgrade project as well as a large-scale specialty vessel
- Adjusted EBITDA of $0.8 million(1) for the first quarter of fiscal 2023 on improving margins, an increase from $(12.0) million in the prior quarter
- Loss per share of $0.24; adjusted loss per share of $0.15(1) excluding one-time items.