Matrix Service jumps after higher Q4 revenue

Matrix Service Co

11/09/2023 23:13

** Shares of engineering and construction contractor Matrix
Service  MTRX.O  jump ~9% to $8.66 in extended trading 
    ** Posts Q4 revenue of $205.9 mln, up ~3% from a year
earlier, helped by new projects
    ** Sequentially, revenue jumps more than 10% and gross
margin improves to 7.1% from 2.4% in Q3
    ** Ends fiscal year with a project backlog of $1.1 bln
    ** MTRX is "positioned with high quality backlog which will
generate significantly improved results in fiscal 2024 and the
next several years," CEO John Hewitt says
    ** As of last close, stock had risen ~28% YTD 

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))