Matrix Service Company Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended March 31, 2017; Updates Earnings Guidance for the Year 2017; Provides Tax Rate Guidance for the Fiscal Year 2018
May 09, 2017 at 05:20 pm EDT
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Matrix Service Company reported consolidated unaudited earnings results for the third quarter and nine months ended March 31, 2017. For the quarter, the company reported revenues of $251,237,000 against $309,422,000 a year ago. Operating loss was $21,210,000 against profit of $6,347,000 a year ago. Loss before income tax expense was $22,021,000 against profit of $6,053,000 a year ago. Net loss attributable to company was $13,821,000 or $0.52 per diluted share against profit of $4,357,000 or $0.16 per diluted share a year ago.
For the nine months, the company reported revenues of $905,673,000 against $952,282,000 a year ago. Operating income was $1,328,000 against $26,383,000 a year ago. Loss before income tax expense was $131,000 against profit of $25,463,000 a year ago. Net profit attributable to company was $771,000 or $0.03 per diluted share against $19,729,000 or $0.73 per diluted share a year ago.
Based on year-to-date results and projected results for the fourth quarter, the company updated annual revenue guidance is now between $1.2 billion and $1.25 billion. Given the tax implications I've previously discussed, along with other issues impacting the year, the company expects earnings per share for fiscal 2017 to be close to breakeven. This income tax rate differential and accounting rules, combined with nominal consolidated pretax earnings, are projected to result in a fourth quarter effective tax rate of approximately 110%.
For the fiscal 2018, the company expecting a tax rate between 38% and 40%.
Matrix Service Company, through its subsidiaries, is an industrial engineering, construction, and maintenance contractor operating in North America. The Companyâs segments include Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities. Its Storage and Terminal Solutions primarily consists of engineering, procurement, fabrication, and construction services related to cryogenic and other specialty tanks and terminals. This segment also includes terminal balance of plant work. Its Utility and Power Infrastructure segment primarily consists of engineering, procurement, fabrication, and construction services to support growing demand for LNG utility peak shaving facilities. Its Process and Industrial Facilities consists of plant maintenance, repair, and turnarounds in the downstream and midstream markets for energy clients including refining and processing of crude oil, fractionating, and marketing of natural gas and natural gas liquids.
Matrix Service Company Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended March 31, 2017; Updates Earnings Guidance for the Year 2017; Provides Tax Rate Guidance for the Fiscal Year 2018