Matrix Service Co. reports record project backlog
BY ROD WALTON World Staff Writer
Wednesday, February 06, 2013
Matrix Service Co.’s project backlog soared to a record $605.1 million and the Tulsa-based energy construction and repair firm announced higher revenues for its second fiscal quarter Wednesday.
New contract awards totaled $538.7 million in the first half of the fiscal year, Matrix CEO John Hewitt noted in the earnings report. The second-quarter net income totaled $5.4 million, with profits offset by a $3.3 million charge related to associated costs from an aboveground storage tank project in western Canada.
“Revenue and opportunities continue to increase in both the core business and strategic growth areas,” Hewitt said. “With the exception of the charge in our western Canadian operations, financial performance exceeded our expectations and we see favorable business conditions across most of our end markets.”
Overall revenue topped $220 million, a 10-percent increase over the same period in fiscal 2012. So far this fiscal half-year Matrix has gained $60 million more than in the previous period.