Matrix Service reports Q2 adjusted EPS (20c), consensus (22c)

Reports Q2 revenue $187.17M, consensus $185.15M. Reports total backlog of $1.3B. “We continued to execute on our diverse backlog of large, multi-year projects during the second quarter, culminating in sustained organic revenue growth in the period,” said John Hewitt, president and CEO of Matrix Service (MTRX) Company. “We delivered year-over-year revenue growth within both our Storage and Terminal Solutions and Utility and Power Infrastructure segments during the second quarter, as we continue to drive strong project execution across the organization,” continued Hewitt. “As backlog conversion to revenue continues to accelerate in the second half of our fiscal year, we expect to realize an improvement in fixed cost absorption, operating leverage and margin realization, consistent with our strategic focus on improved profitability.”