Matrix Service Company announced its first quarter fiscal 2025 results, reporting revenue of $165.6 million for the period ending September 30, 2024. This represents a decrease from $197.7 million in the prior year's first quarter. The company posted a net loss of $9.2 million, or $(0.33) per share, compared to a net loss of $3.2 million, or $(0.12) per share, in the first quarter of fiscal 2024.
The consolidated gross margin for the quarter was 4.7%, a decline from 6.0% in the same period last year, primarily due to the under-recovery of construction overhead costs on lower revenues. Despite the revenue decline, the company's backlog remained strong at $1.4 billion as of September 30, 2024, with project awards totaling $148 million for the quarter. The trailing twelve-month book-to-bill ratio stood at 1.1x.
Matrix Service Company reaffirmed its full-year fiscal 2025 revenue guidance, expecting it to be in the range of $900 million to $950 million. Management expressed confidence in increasing backlog conversion to revenue, which is anticipated to improve fixed cost absorption, operating leverage, and margin expansion, leading to a projected return to profitability in fiscal 2025. The company maintained strong liquidity with $181.2 million in total available funds and no outstanding borrowings.
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