Matrix Service reports Q2 EPS (18c), consensus (10c)

Reports Q2 revenue $175M, consensus $200.14M.Backlog increased to $1.45B, the highest level in the company’s history; project awards in the quarter of $230.8M resulted in a book-to-bill ratio of 1.3. “Overall operating results were in line with our expectations. Revenue was $175M during the second quarter of fiscal 2024, as the contribution to revenue of newly awarded projects was limited as they progress through scope finalization, engineering and planning stages.Gross margins in the second quarter of fiscal 2024 were positively impacted by strong project execution partially offset by the under-recovery of construction overhead costs. On a consolidated basis, we expect to achieve full recovery of construction overhead costs on higher revenue volumes in the fourth quarter of fiscal 2024.”