May 14, 2018 - 7:00 AM EDT
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Blog Exposure - Matrix Service Secures Full EPC Contract by Oil Company for Expansion of Crude Oil Storage and Loading Capabilities

Stock Monitor: Basic Energy Services Post Earnings Reporting

LONDON, UK / ACCESSWIRE / May 14, 2018 / If you want access to our free research report on Matrix Service Co. (NASDAQ: MTRX), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=MTRX as the Company's latest news hit the wire. On May 10, 2018, the Company announced that its subsidiary, Matrix Service Inc., has entered into a full engineering, procurement, and construction (EPC) contract with a large independent oil Company for the expansion of crude oil storage and loading capabilities on the Texas Gulf Coast. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Basic Energy Services, Inc. (NYSE: BAS), which also belongs to the Basic Materials sector as the Company Matrix Service. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Matrix Service most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Matrix PDM Engineering, which performed the front-end engineering design (FEED) work for the project, will complete the detailed design engineering for the project.

Matrix is Well Positioned to Help its Clients Achieve their Business Objectives

Commenting on the announcement, John R. Hewitt, President and Chief Executive Officer (CEO) of Matrix Service, stated that with growing global demand for crude oil and other petroleum products comes the need for related infrastructure, especially along the Texas Gulf Coast. Hewitt added that as a long-standing leader in the engineering, procurement, construction, and maintenance of crude oil and other storage terminals, along with the Company's recently-added engineering expertise in marine structures, Matrix Service is well positioned to help its clients achieve their business objectives. The Company appreciates the trust placed in it to complete these projects safely, timely, and with the highest level of quality.

Matrix Service Reported Third Quarter Financial Results

On May 09, 2018, Matrix Service reported its financial results for the third quarter ended March 31, 2018. The Company's consolidated revenues were $245.6 million in the three months ended March 31, 2018, compared to $251.2 million in the same period of the prior fiscal year. Matrix Service's Electrical Infrastructure segment revenues declined due to a reduction in revenue associated with the construction of a large power generating facility compared to the prior year and a reduction in high voltage revenue. The Company's consolidated gross profit was $14.9 million in the three months ended March 31, 2018, compared to a loss of $2.6 million in the three months ended March 31, 2017. The Company's gross margin was 6.1% in the three months ended March 31, 2018, versus (1.0)% in the comparable period of the previous fiscal year. The fiscal 2018 gross margin was negatively impacted by revenue associated with low margin work bid in a highly competitive environment, increased levels of lower margin maintenance work, and lower than expected capital project volumes, which led to under recovery of construction overhead costs.

Matrix Service's consolidated selling, general, and administrative expenses (SG&A) were $20.8 million in the three months ended March 31, 2018, compared to $18.6 million in the year earlier corresponding period; increasing primarily due to higher current year project pursuit costs. The Company's income tax expenses included charges totaling $1.1 million, or $0.04 per fully diluted share, for the fiscal year 2018, primarily related to a valuation allowance placed on a deferred tax asset.

Matrix Service's Recent Contract

On February 13, 2018, Chevron Products Co. awarded Matrix NAC, the Company's union subsidiary, a Master Products and Services Contract for turnaround and plant services for its US refineries, including mechanical work, welding and piping work, and other turnaround-related services, as well as tank repair and maintenance services. This award expanded Matrix NAC's geographic reach into California to provide its customers with the high level of services needed to complete their storage and refining construction, maintenance, and repair projects.

About Matrix Service Co.

Founded in 1984 and headquartered in Tulsa, Oklahoma, Matrix Service is a top-tier industrial contractor with subsidiary offices throughout the US and Canada, as well as in Sydney, Australia, and Seoul, South Korea. The Company's subsidiaries, Matrix Service Inc., Matrix NAC, Matrix PDM Engineering, and Matrix Applied Technologies, provide engineering, procurement, fabrication, and construction; maintenance and industrial cleaning services; and products to the Energy, Power, and Industrial markets.

Stock Performance Snapshot

May 11, 2018 - At Friday's closing bell, Matrix Service's stock advanced 6.51%, ending the trading session at $18.00.

Volume traded for the day: 116.39 thousand shares.

Stock performance in the last month - up 17.26%; previous three-month period - up 19.40%; past twelve-month period - up 80.90%; and year-to-date - up 1.12%

After last Friday's close, Matrix Service's market cap was at $482.71 million.

The stock is part of the Basic Materials sector, categorized under the Oil & Gas Equipment & Services industry. This sector was flat at the end of the session.

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Source: ACCESSWIRE Investor Awareness (May 14, 2018 - 7:00 AM EDT)

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