麦特斯服务公司 (MTRX) 2027财年第一季度业绩电话会：盈利能力与利润率增长

核心要点

• Matrix Service公司公布2027财年第一季度营收为2.194亿美元，较上年同期的2.119亿美元增长4%，尽管部分已承接项目的营收确认推迟至未来几个季度。
• 得益于项目执行力增强及间接费用回收改善，毛利率从6.7%增至8.2%。摊薄后每股收益从亏损0.13美元改善至0.22美元。
• 调整后EBITDA从250万美元增至770万美元，标志着公司连续第三个季度实现盈利。
• 截至9月30日，在手订单额为8.73亿美元。当季新签订单额为1.388亿美元，订单出货比为0.6。
• 潜在项目储备增长约11%，达到82亿美元，液化天然气（LNG）、发电、电力基础设施以及采矿与矿物领域的项目均实现增长。
• Matrix拥有2.22亿美元的总流动资金；在当季回购250万美元股票后，公司宣布了一项新的2500万美元股票回购计划。

核心财务数据

业务与运营表现

仓储与终端解决方案业务营收从1.095亿美元增长12%至1.229亿美元。增长主要受特种储罐业务活跃度提升及相关辅助设施工程增加带动。毛利率从5.9%升至9.0%，反映出项目执行改善及间接费用分摊优化。

公用事业与电力基础设施业务营收从7450万美元下降21%至5910万美元。天然气调峰业务减少的影响，被发电工程业务的增长部分抵消。受项目结构变化影响，毛利率从9.1%降至8.6%，但间接费用分摊的改善部分缓解了这一降幅。

该业务板块获得了一笔用于支持数据中心基础设施的重要发电项目订单。管理层表示，该项目扩大了Matrix在发电领域以及新兴数据中心市场的业务布局。

工艺与工业设施业务营收从2790万美元增至3740万美元，主要得益于采矿和矿物工程业务增加。毛利率从5.1%降至3.7%。当季解决了一起与2023财年已完工项目相关的分包商纠纷。管理层表示，该纠纷的解决应会减少2027财年预期的法律成本。

公司当季还斩获了多项采矿与矿物项目订单。Matrix正在扩充招聘资源、深化与职业技术学校的合作并拓宽内部职业晋升通道，以在保持安全和质量标准的同时提升执行能力。

管理层展望

管理层预计2027财年剩余季度的平均季度营收将超过第一季度水平。公司指出，8.73亿美元的在手订单为本财年余下时间实现更高营收运行水平和持续盈利提供了清晰的可见度。

公司预计2027财年下半年的新签项目活动将有所增强。然而管理层表示，规模较大的订单预计将主要支撑2028财年的营收，对2027财年的实质性贡献有限。

管理层指出，常态化的季度SG&A费用运行区间约为1550万至1600万美元，具体取决于业务活跃度及浮动薪酬。第一季度业绩得益于组织架构调整后薪资、工资及股权激励开支的减少，以及与现金结算的股份支付会计处理相关的190万美元同比收益。

风险与关注事项

• 2027财年第一季度的订单出货比为0.6，反映出上半年新签订单预期相对平淡。
• 大客户决策的时间节点仍存在不确定性，且不受公司控制。
• 期内部分已承接项目的营收确认推迟至未来几个季度。
• 强劲的项目需求正在对劳动力、人员可用性及其他资源造成压力。
• 公用事业与电力基础设施业务的营收仍受到天然气调峰项目规模下滑的影响。

分析师问答亮点

在SG&A费用方面，管理层表示，第一季度的费用水平不应被视作常态化运行率，因为现金结算的股份支付和浮动薪酬会造成季度间波动。管理层认为1550万至1600万美元是更具代表性的季度区间。

针对较低的订单出货比，管理层指出，在2027财年后期将有数个重大潜在项目迎来客户决策，其中包括LNG相关的储罐项目。管理层还强调，相较于大型EPC项目，更多样化的小型纯施工、维修及维护项目能够更快进场并产生营收。

管理层表示，这笔82亿美元的项目储备涵盖LNG、天然气凝析液（NGL）、发电、电力基础设施以及采矿与矿物等多元化领域，降低了对任何单一项目或终端市场的依赖。

业绩电话会完整纪要

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.