Sumary of Why Matrix Service Stock Is Sinking Today:
- The company reported a net loss of $0.40 per share, missing the consensus estimate by $0.37 per share.
- On the one hand, revenue in all three of the company’s segments increased compared to Q3. Further, the company noted that the pace of new contracts awards has begun to accelerate in the new fiscal year.
- That’s negatively impacting the timing of project awards and the company’s financial results.
- In addition, the company incurred additional costs in Q4 for a large project in its utility and power infrastructure segment to hit a critical schedule completion milestone.