Matrix Service Company, which is a leading contractor to the energy and industrial markets across North America, has reported financial results for its second quarter of fiscal 2021.
Highlights include generated cash flow from operations of $20.8 million in the quarter and fully repaid outstanding debt. It ended the quarter with cash of $93.5 million.
Second quarter revenue was $167.5 million, reflecting the continued impact of the pandemic and related market disruptions. Second quarter loss per fully diluted share of $0.17, adjusted loss per fully diluted share of $0.03.
It achieved project awards of $111.8 million in the quarter, resulting in backlog of $622.8 million.
Matrix also entered into an MOU with Chart Industries to develop and market turnkey hydrogen solutions “as part of our longer-term diversification strategy of providing services to the growing clean energy market”.
Matrix Service Company president and CEO John R Hewitt said: “As expected, second quarter results were affected by the continued impact of COVID-19 on our end markets, including client business uncertainty, additional safety protocols implemented to protect employee health, energy demand destruction, and a global economic slowdown.
“These impacts resulted in reduced revenue and are continuing to disrupt the timing of awards from what is otherwise a strong opportunity pipeline.”
For more information visit www.matrixservice.com
