Cuộc họp công bố kết quả kinh doanh quý 1 năm tài chính 2027 của Matrix Service Company (MTRX): Khả năng sinh lời và tăng trưởng biên lợi nhuận

Điểm nhấn chính

• Matrix Service Company báo cáo doanh thu quý 1 năm tài chính 2027 đạt 219,4 triệu USD, tăng 4% so với mức 211,9 triệu USD của cùng kỳ năm trước, bất chấp việc một phần doanh thu từ các dự án đã ký hợp đồng bị dời sang các quý tiếp theo.
• Biên lợi nhuận gộp tăng từ 6,7% lên 8,2% nhờ tiến độ thực hiện dự án tốt hơn và khả năng bù đắp chi phí gián tiếp được cải thiện. EPS pha loãng cải thiện lên 0,22 USD so với mức lỗ 0,13 USD cùng kỳ.
• EBITDA điều chỉnh tăng từ 2,5 triệu USD lên 7,7 triệu USD, đánh dấu quý có lãi thứ ba liên tiếp của công ty.
• Giá trị hợp đồng tồn đọng (backlog) đạt 873 triệu USD tính đến ngày 30 tháng 9. Giá trị hợp đồng ký mới trong quý đạt 138,8 triệu USD, đưa tỷ lệ book-to-bill lên mức 0,6.
• Danh mục dự án tiềm năng tăng khoảng 11% lên 8,2 tỷ USD, với sự tăng trưởng ở các mảng LNG, sản xuất điện, hạ tầng điện và khai thác mỏ và khoáng sản.
• Matrix sở hữu tổng thanh khoản 222 triệu USD và công bố chương trình mua lại cổ phiếu mới trị giá 25 triệu USD sau khi đã mua lại 2,5 triệu USD cổ phiếu trong quý.

Dữ liệu tài chính cốt lõi

Kết quả kinh doanh và hoạt động

Giải pháp Bồn chứa và Cảng đầu mối ghi nhận doanh thu tăng 12% từ 109,5 triệu USD lên 122,9 triệu USD. Tăng trưởng được thúc đẩy nhờ hoạt động thi công bồn chuyên dụng và các công việc phụ trợ liên quan gia tăng. Biên lợi nhuận gộp tăng từ 5,9% lên 9,0%, phản ánh hiệu quả thực hiện dự án và khả năng hấp thụ chi phí gián tiếp được cải thiện.

Hạ tầng Tiện ích và Năng lượng ghi nhận doanh thu giảm 21% từ 74,5 triệu USD xuống 59,1 triệu USD. Hoạt động điều tiết phụ tải đỉnh khí tự nhiên sụt giảm đã được bù đắp một phần bởi sự gia tăng khối lượng công việc sản xuất điện. Biên lợi nhuận gộp giảm từ 9,1% xuống 8,6% do cơ cấu dự án, dù được bù đắp một phần nhờ khả năng hấp thụ chi phí gián tiếp tốt hơn.

Phân khúc này đã giành được một hợp đồng sản xuất điện quan trọng phục vụ hạ tầng trung tâm dữ liệu. Ban lãnh đạo cho biết dự án này giúp mở rộng sự hiện diện của Matrix trong cả lĩnh vực sản xuất điện và thị trường trung tâm dữ liệu đang phát triển.

Cơ sở Chế biến và Công nghiệp ghi nhận doanh thu tăng từ 27,9 triệu USD lên 37,4 triệu USD, chủ yếu nhờ khối lượng công việc khai thác mỏ và khoáng sản tăng. Biên lợi nhuận gộp giảm từ 5,1% xuống 3,7%. Quý này đã ghi nhận việc giải quyết xong tranh chấp với nhà thầu phụ liên quan đến một dự án hoàn thành trong năm tài chính 2023. Ban lãnh đạo cho biết thỏa thuận giải quyết này sẽ giúp giảm chi phí pháp lý dự kiến trong năm tài chính 2027.

Công ty cũng giành được một số hợp đồng khai thác mỏ và khoáng sản trong quý. Matrix đang mở rộng nguồn lực tuyển dụng, quan hệ hợp tác với các trường nghề và lộ trình phát triển nghề nghiệp nội bộ nhằm nâng cao năng lực thi công trong khi vẫn duy trì các tiêu chuẩn về an toàn và chất lượng.

Triển vọng từ ban lãnh đạo

Ban lãnh đạo dự kiến doanh thu trung bình hàng quý trong phần còn lại của năm tài chính 2027 sẽ vượt mức quý 1. Giá trị hợp đồng tồn đọng 873 triệu USD được xem là cơ sở mang lại khả năng dự báo về tốc độ doanh thu cao hơn và duy trì lợi nhuận liên tục trong phần còn lại của năm tài chính.

Công ty kỳ vọng hoạt động ký kết hợp đồng dự án sẽ tăng mạnh trong nửa cuối năm tài chính 2027. Tuy nhiên, ban lãnh đạo cho biết các hợp đồng quy mô lớn hơn dự kiến sẽ chủ yếu đóng góp vào doanh thu năm tài chính 2028 thay vì tạo ra đóng góp đáng kể cho năm tài chính 2027.

Ban lãnh đạo cho biết mức chi phí SG&A chuẩn hóa hàng quý vào khoảng 15,5 triệu USD đến 16 triệu USD, tùy thuộc vào mức độ hoạt động và thù lao biến đổi. Kết quả quý 1 được hưởng lợi từ việc giảm chi phí lương, tiền công và thù lao bằng cổ phiếu sau đợt tái cấu trúc tổ chức, cùng với khoản lợi ích 1,9 triệu USD so với cùng kỳ năm trước liên quan đến việc hạch toán thù lao bằng cổ phiếu thanh toán bằng tiền mặt.

Rủi ro và các yếu tố cần theo dõi

• Tỷ lệ book-to-bill trong quý 1 năm tài chính đạt 0,6, phản ánh hoạt động ký mới hợp đồng trầm lắng hơn theo đúng dự kiến trong nửa đầu năm tài chính 2027.
• Thời điểm đưa ra quyết định của các khách hàng lớn vẫn chưa chắc chắn và nằm ngoài tầm kiểm soát của công ty.
• Một phần doanh thu từ các dự án đã ký hợp đồng đã bị chuyển sang các quý tiếp theo trong kỳ.
• Nhu cầu dự án tăng mạnh đang tạo áp lực lên nguồn nhân lực, mức độ sẵn có của lực lượng lao động và các nguồn lực khác.
• Doanh thu mảng Hạ tầng Tiện ích và Năng lượng tiếp tục chịu ảnh hưởng do khối lượng dự án điều tiết phụ tải đỉnh khí tự nhiên giảm.

Nội dung nổi bật từ phiên Hỏi - Đáp với chuyên gia phân tích

Về chi phí SG&A, ban lãnh đạo cho biết mức chi phí trong quý 1 không nên được xem là mức chi phí định kỳ thường xuyên do thù lao bằng cổ phiếu thanh toán bằng tiền mặt và thù lao biến đổi có thể gây ra biến động theo quý. Ban lãnh đạo xác định mức từ 15,5 triệu USD đến 16 triệu USD là khoảng đại diện phù hợp hơn cho mỗi quý.

Đề cập đến tỷ lệ book-to-bill thấp, ban lãnh đạo đã chỉ ra một số cơ hội lớn đang tiến gần đến quyết định của khách hàng vào cuối năm tài chính 2027, bao gồm các dự án bồn chứa liên quan đến LNG. Ban lãnh đạo cũng nhấn mạnh cơ cấu đa dạng hơn gồm các dự án quy mô nhỏ hơn chỉ thuần xây dựng, sửa chữa và bảo dưỡng, vốn có thể triển khai thực địa và tạo ra doanh thu nhanh hơn so với các dự án EPC lớn.

Ban lãnh đạo cho biết danh mục dự án tiềm năng trị giá 8,2 tỷ USD được đa dạng hóa trên các lĩnh vực LNG, NGL, sản xuất điện, hạ tầng điện và khai thác mỏ và khoáng sản, giúp giảm sự phụ thuộc vào bất kỳ dự án hay thị trường đầu ra đơn lẻ nào.

Toàn văn biên bản cuộc gọi công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Good morning, and welcome to the Matrix Service Company conference call to discuss results for the first quarter of fiscal 2027. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to Mr. Patrick Roberts, Director of Corporate Development and Investor Relations of Matrix Service Company.

Patrick Roberts

Thank you, and good morning, everyone. Welcome to Matrix Service Company's First Quarter Fiscal 2027 Earnings Call. Participants on today's call include Chief Executive Officer, Shawn Payne; Interim Chief Financial Officer, A.J. Smith; and Chief Financial Officer-elect Dominic Savarino. Following our prepared remarks, we will open the call up for questions.

The presentation materials referred to during the webcast today can be found under Events and Presentations on the Investor Relations section of matrixservicecompany.com. As a reminder, on today's call, we may make various remarks about future expectations, plans and prospects for Matrix Service Company that constitute forward-looking statements for the purposes of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements because of various factors, including those discussed in our most recent annual report on Form 10-K and in subsequent filings made by the company with the SEC.

The forward-looking statements made today are effective only as of today. To the extent we utilize non-GAAP measures, reconciliations will be provided in various press releases, periodic SEC filings and on our website.

On our last call, I highlighted a project that showcased the depth of our capabilities and the type of complex work Matrix is built to deliver. I'd like to continue that practice today because it provides useful context around the markets we serve and how Matrix has evolved. While many investors may still associate Matrix primarily with storage tanks, today's Matrix supports critical infrastructure across a much broader set of end markets, including power generation, LNG and NGLs, utilities, mining and minerals and increasingly data centers.

One area that illustrates this evolution particularly well is the power sector. For decades, Matrix has supported customers through the construction and maintenance of critical power facilities and systems. Our capabilities extend across power generation facilities, substations and other supporting systems. These capabilities are becoming increasingly important as electrical demand continues to grow and customers seek greater certainty of supply. Whether through additional generation capacity, backup power systems or on-site LNG fuel infrastructure, organizations are investing in solutions that enhance reliability and resiliency.

We continue to see strong growth in our opportunity pipeline associated with these specialized services. That demand comes from a diverse customer base that includes public utilities, private utilities, power producers, industrial customers and energy companies. More recently, we have also begun supporting the rapidly expanding data center market, providing these same services for customer-owned energy and power assets as developers and owners look for ways to secure reliable power, greater certainty of supply and enhanced operational resiliency.

Matrix's experience in power generation, backup fuel, electrical systems and construction execution positions us well to participate in that growth. Most recently, we were awarded a project in this space, which Shawn will discuss in more detail in his remarks. What these opportunities demonstrate is the versatility of Matrix's capabilities. Whether supporting LNG, power generation, electrical infrastructure, mining and minerals, or data centers, we are able to leverage the same core strengths across multiple end markets where critical infrastructure investment continues to grow. Regardless of the market we serve, our focus remains unchanged, delivering projects safely with quality and in a manner that creates value for our customers and shareholders.

With that, I'll turn the call over to Shawn.

Shawn Payne

Thank you, Patrick, and good morning, everyone. Before discussing our first quarter results, I'd like to welcome Dominic Savarino to Matrix as Senior Vice President and Chief Financial Officer, effective tomorrow, November 6. Following a comprehensive search, we selected Dominic because he brings a combination of financial leadership and operational experience that is particularly well suited to Matrix.

He has built his career in engineering, construction, energy and industrial infrastructure businesses and has held roles in both financial leadership and with direct operational and P&L responsibility. That experience gives him a strong understanding of how financial discipline, project execution, commercial strategy and risk management come together to drive profitable growth. His perspective will be especially valuable as we continue executing on our win, execute, deliver strategy and position Matrix for its next phase of growth. We are excited to have Dominic on the team and look forward to his contributions.

Now to the quarter. As I discussed last quarter, win, execute, deliver is how we run the company. It turns our strategy into everyday choices about what we pursue, how we work, how we allocate resources and the results we create. Over the past 18 months, we've taken meaningful actions to improve execution, create a more efficient operating model and drive consistent profitability as we grow. Today, I want to focus on how those actions are strengthening our business and translating into better results. Under the win pillar of our strategy, our focus is on building a stronger business by improving the quality and diversity of our backlog, strengthening customer relationships and expanding into attractive end markets.

Since we last reported, our opportunity pipeline has increased from approximately $7.4 billion to $8.2 billion. Importantly, that growth is not concentrated in a single market. We have seen expansion across all of our segments, including LNG, power generation, electrical infrastructure and mining and minerals, reinforcing our confidence in both the demand environment and the opportunities ahead. The breadth of this growth reflects the continued diversification of our business and gives us a stronger, more balanced opportunity set from which to drive profitable growth. We are already seeing tangible results from this approach. This quarter, we were awarded a meaningful power generation project supporting data center infrastructure.

This project is particularly significant because it aligns several strategic priorities for Matrix. It expands our participation in the growing power generation market, strengthens our position in the rapidly developing data center ecosystem, and it also demonstrates the continued importance of construction-only opportunities in supporting a stable and diversified revenue base. As another example of our win strategy in action, we continue to see strong momentum in the mining and minerals space. In addition to the significant award we discussed last quarter, we secured several awards in Q1 with another important client in multiple facilities specifically targeted under our strategic growth plan.

Under the execute pillar of our strategy, our focus is on creating value through safe, disciplined and consistent project delivery. We continue to see encouraging results from the operational discipline we've implemented across the business. Project execution remains solid, and we are seeing greater consistency in how opportunities are evaluated, risks are managed and the work is delivered. During the quarter, we advanced several initiatives designed to strengthen the decision-making process and increase accountability throughout the project life cycle.

Another important component of execution is workforce development. Capturing the opportunities ahead requires not only the right projects, but the right people to deliver them safely and successfully. We have established a more coordinated enterprise-wide approach to recruiting, developing and retaining craft and supervisory talent, including adding field recruiting resources and strengthening our trade school relationships and internal career paths. These efforts are supporting our execution capacity while upholding our rigorous safety and quality standards. Ultimately, the objective of win and execute is to deliver. Deliver means producing consistent results, generating sustainable, profitable growth and creating long-term value for our shareholders, customers, employees and communities.

While we are still early on this journey, our third consecutive quarter of profitability is a clear indicator of the progress we are making. During the quarter, we also purchased $2.5 million of our shares. This effort is consistent with the deliver pillar of our strategy related to disciplined capital allocation and creating long-term shareholder value.

So, in summary, we have a clear strategy, a stronger operating foundation and a leaner, more efficient cost structure. We are a stronger company today with meaningful opportunities ahead and the focus, discipline and capabilities to convert those opportunities into consistent profitable growth and long-term shareholder value. As Dominic officially assumes the Chief Financial Officer position tomorrow, A.J. Smith will be reviewing our first quarter financial results today.

With that, I will turn the call over to A.J.

Andrew John Smith

Thanks, Shawn. Our results this quarter reflect the continued momentum behind our win, execute, deliver framework, culminating in the third straight quarter of profitable performance. During the first quarter, despite some revenue from several booked projects slipping into future quarters, revenue increased 4% to $219.4 million compared to $211.9 million in the first quarter of fiscal 2026. We expect quarterly revenue levels for the remainder of the year to be on average higher than in the first quarter.

Gross profit was $18.1 million, or 8.2% of revenue, during the quarter compared to $14.2 million, or 6.7% of revenue, for the first quarter of fiscal 2026. Gross margins during the period benefited from strong project execution and improved overhead recovery. SG&A expenses were $13.3 million in the first quarter of fiscal 2027, or 6% of revenue. SG&A decreased by $3 million compared to the prior year period due in part to lower salary and wage expense and stock compensation expense resulting from our organizational restructuring plan. Additionally, SG&A decreased $1.9 million year-over-year due to the variable accounting for cash-settled stock-based compensation.

As a result of our higher revenue, higher gross margins and lower SG&A expense, the company had positive EPS during the quarter of $0.22 compared to a loss of $0.13 per share in the prior year quarter. On an adjusted basis, EPS was $0.23 per share compared to an adjusted net loss of $0.01 per share in the prior year period. Adjusted EBITDA also improved to $7.7 million in the first quarter compared to $2.5 million in the first quarter of last year.

Moving to the segments. Storage and Terminal Solutions segment revenue increased 12% to $122.9 million in the first quarter of fiscal 2027 compared to $109.5 million in the first quarter of fiscal 2026, driven by an increased volume of work for specialty tanks and the associated balance of plant work. Gross margin was 9% in the first quarter of fiscal 2027 compared to 5.9% in the first quarter of fiscal 2026. Segment gross margin was driven by improved project execution overall as well as improvement in overhead cost absorption. Utility and Power Infrastructure segment revenue decreased 21% to $59.1 million in the first quarter of fiscal 2027 compared to $74.5 million in the first quarter of fiscal 2026 due to a decrease in volume of work for natural gas peak shaving projects, partially offset by an increase in power generation work. Gross margin was 8.6% in the first quarter of fiscal 2027 compared to 9.1% for the first quarter of fiscal 2026, a decrease of 0.5%, primarily due to mix of work, partially offset by improved overhead cost absorption.

Process and Industrial Facilities segment revenue increased to $37.4 million in the first quarter of fiscal 2027 compared to $27.9 million in the first quarter of fiscal 2026, primarily due to increased revenue volumes for mining and minerals work. Gross margin was 3.7% in the first quarter of fiscal 2027 compared to 5.1% in the first quarter of fiscal 2026. Current quarter margins were impacted by the resolution of a subcontractor dispute for a project originally completed in fiscal 2023. While resulting in a decrease in segment margins in the current quarter, the impact is a net positive for the business based on savings of anticipated fiscal 2027 legal costs.

Moving to backlog. During the quarter, project awards were $138.8 million, resulting in a book-to-bill of 0.6. Awards in the Utility and Power Infrastructure segment include the award of a meaningful power generation project supporting data center infrastructure that Shawn previously mentioned. As we've noted in previous quarters, we believe award activity will pick back up in the second half of our fiscal 2027, but those awards will primarily solidify our fiscal 2028 revenue base. Our backlog as of September 30 of $873 million provides clear visibility into improved revenue run rate through the remainder of the fiscal year, along with continued profitability.

We continue to maintain a strong balance sheet and liquidity position. Total liquidity is $222 million, including $182 million of unrestricted cash and $39 million of borrowing availability under our credit facility. With our liquidity position, we executed $2.5 million of share buybacks during the quarter. Also this week, we amended our credit facility to expand our annual stock repurchase limit, and our Board approved a new buyback program of $25 million, which expires in 2 years. We will opportunistically repurchase stock under the program based on market conditions and our liquidity position.

With that, I will turn the call back to Shawn for a few additional comments.

Shawn Payne

Thank you, A.J. Before moving to Q&A, I want to thank A.J. for his leadership and dedication while serving as Interim Chief Financial Officer while we conducted our search for a new CFO. A.J. helped ensure continuity and stability during an important period of transition for Matrix. A.J.'s contributions have been invaluable, and I appreciate his continued partnership.

With that, I'd like to open up the call for questions.

Operator

[Operator Instructions] Our first question will be coming from the line of John Franzreb of Sidoti.

Phần hỏi đáp

John Franzreb

Welcome aboard, Dominic. I'd like to start with the recent results, particularly the SG&A line. It was down rather noticeably. You kind of called out some of those based on change in the share price. But you also said that there's an organizational restructuring. So, I'm kind of curious how much of the change in SG&A is temporary? And how much of it is it on a permanent basis?

Andrew John Smith

Yes, I'll take this one. So, our SG&A run rate, I think, like you mentioned, was impacted by some of the variable expense rate versus cash stock-based compensation. I think there's always going to be some variability in that line. But, generally speaking, a good run rate probably $15.5 million to $16 million a quarter, depending on activity levels and variable compensation.

John Franzreb

Got it. Got it. And it's hard to ignore the book-to-bill profile. Can you talk a little bit, particularly what's going on in storage, what you're seeing there and maybe a little bit about the competitive landscape and how that's shaping out?

Shawn Payne

Yes, you bet, John. Yes. So, I know the book-to-bill is relatively low. We've discussed that over the last few quarters, right? We expected the award activity to be lighter in the first half of fiscal '27. I'll say that we have several large opportunities that are progressing towards customer decision points later in the fiscal year. And we think that's really going to strengthen the award activity in the second half. Some of those projects are storage, particularly LNG-related. Also, I should note there, those larger awards aren't expected to contribute really meaningfully to full year '27 revenues.

So, our focus with those is really on positioning the business for fiscal 2028. I think also important there is while we can't control the timing -- the exact timing of the customer decisions, larger or small projects, what really gives us confidence there is the strength and the breadth of our opportunity set. As we said on the call, our pipeline increased approximately 11%, up to $8.2 billion with opportunities across LNG, NGLs, power generation, electrical infrastructure and mining and minerals. So, important to note there that we're not dependent on any single project or single project end market.

And then lastly, John, just tell you there that we're also seeing a broader mix of smaller, quick construction projects, like construction-only work and also repair and maintenance work. That's important to us because with those projects, we can convert that revenue faster, we can get to the field faster. And that's one of our strategies, right, is to provide a more consistent baseload of activity to make sure we have that work during the ebbs and flows of some of the large EPC works. So, I think together with those 2 things, those 2 factors, it really gives us a balanced path to rebuilding backlog and entering into fiscal '28 from a stronger position.

John Franzreb

Yes. And just to clarify a bit the competitive landscape, I mean, maybe you could give some color what the margin profile is on new jobs being written today versus, say, 6 months ago? Any kind of color there you could provide would be helpful.

Shawn Payne

Yes. I would -- it really depends on what we're bidding. We're into a lot of different things, different markets, certainly different customers, different contract types. But I would say, in general, there's a lot of demand right now, obviously, going on, a lot of projects that's putting pressure on labor, workforce and just general resources. Typically, when that happens, what you see, John, is the margin on those projects, particularly larger projects.

Operator

[Operator Instructions] Seeing there are no more questions in the queue, and I'm going to pass the call back over to Patrick for closing remarks. Please go ahead.

Patrick Roberts

Thank you, everyone, for your participation today. Matrix Service Company will be participating in the upcoming Northland Growth Conference on December 16. If you will be attending, we welcome the opportunity to visit with you. Additionally, if you would like to have a conversation with management, please contact me through the Matrix Service Company Investor Relations website. You may also sign up to receive MTRX news by scanning the QR code on your screen.

Again, thank you for your time today.

Operator

Thank you for participating in today's program. You may now disconnect.