Matrix Service (NASDAQ:MTRX) Releases Earnings Results, Beats Expectations By $0.05 EPS

Matrix Service (NASDAQ:MTRX) posted its earnings results on Wednesday. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.18 by $0.05, FiscalAI reports. The firm had revenue of $219.40 million for the quarter, compared to analyst estimates of $239.78 million. Matrix Service had a positive return on equity of 5.32% and a negative net margin of 0.30%.

Matrix Service Stock Performance

Shares of MTRX traded down $0.54 during trading hours on Thursday, hitting $8.59. 953,656 shares of the stock were exchanged, compared to its average volume of 312,538. The stock’s 50-day moving average price is $10.14 and its two-hundred day moving average price is $11.74. The company has a market cap of $243.07 million, a price-to-earnings ratio of -95.29, a price-to-earnings-growth ratio of 0.89 and a beta of 1.03. Matrix Service has a 12-month low of $8.53 and a 12-month high of $15.93.

Matrix Service News Roundup

Here are the key news stories impacting Matrix Service this week:

• Positive Sentiment: Matrix reported quarterly EPS of $0.23, beating the $0.18 consensus and improving from a $0.01-per-share loss a year earlier. Coverage also described this as the company’s third consecutive profitable quarter, with margins improving. Zacks earnings coverage
• Positive Sentiment: The company announced a $25 million share buyback, which may support shareholder returns and signal confidence in the business. Share buyback announcement
• Negative Sentiment: Quarterly revenue of $219.4 million missed analysts’ $239.78 million estimate. The shortfall may temper the positive earnings surprise by raising questions about the pace of project activity and revenue growth. First-quarter results

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on MTRX shares. Northland Securities set a $16.00 price objective on shares of Matrix Service in a research note on Friday, September 4th. Weiss Ratings downgraded shares of Matrix Service from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.50.

About Matrix Service

Matrix Service Company (NASDAQ:MTRX) is an engineering, construction, and maintenance services provider serving the energy and industrial markets. Based in Tulsa, Oklahoma, the company supports the development, operation, and maintenance of critical infrastructure for customers across North America.

Through its operating businesses, Matrix Service provides engineering, procurement, fabrication, construction, commissioning, maintenance, and repair services. Its capabilities include aboveground storage tanks, terminals, pipelines, process facilities, power infrastructure, and other energy-related assets.