Matrix Service Company reported its second quarter fiscal 2025 results, with revenue increasing to $187.2 million, up from $175.0 million in the second quarter of fiscal 2024. This growth was driven by increased volumes in the Storage and Terminal Solutions and Utility and Power Infrastructure segments. However, the company recorded a net loss of $5.5 million, or $(0.20) per share, compared to a net loss of $2.9 million, or $(0.10) per share, in the prior year's second quarter.
The consolidated gross margin for the quarter was 5.8%, a slight decrease from 6.0% in the same period last year, impacted by the under-recovery of construction overhead costs. The company's backlog stood at $1.3 billion as of December 31, 2024, with project awards totaling $90.5 million for the quarter, resulting in a book-to-bill ratio of 0.5x.
Matrix Service Company updated its fiscal year 2025 revenue guidance, lowering the expected range to $850 million to $900 million from the previous $900 million to $950 million. This adjustment reflects approximately $50 million in projected revenue being pushed from fiscal 2025 to fiscal 2026 due to temporary permitting and project start delays, as well as pre-election policy uncertainty. Management still anticipates a return to profitability during the second half of fiscal 2025.
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