Matrix Service Company, a leading contractor to the energy and industrial markets across North America, has reported financial results for its first quarter of fiscal 2021.
The first quarter revenue was $182.8 million, resulting in a loss per diluted share of $0.12 due to the continued impact of the global pandemic and related market disruptions.
Strong project execution was offset by lower than expected revenue volume which resulted in under recovery of construction overhead costs, significantly impacting gross margins.
SG&A was $18.1 million in the quarter after realisation of planned cost reductions. Backlog at the end of the quarter was $678.4 million; project awards of $102.7 million for the quarter.
John R. Hewitt, president and CEO, said: “The pandemic has continued to impact many of our clients, especially those in the energy industry, who are managing through low product demand and rigid health and safety protocols, as well as political uncertainty, all of which has resulted in delayed and reduced spending priorities.
“In spite of reduced revenue volumes, our project execution and consolidated direct margins have been very strong. In addition, I am extremely proud of our teams’ ability to manage not only the additional burden of maintaining a COVID-safe work environment, but also driving a zero-incident safety performance in the quarter.”
For more information visit www.matrixservicecompany.com