Tulsa’s Matrix Service Company announced its revenue grew 46 percent in the just-completed third quarter and totaled $358.9 million. A year ago, the revenue was $245.6 million.
The Company earned net income of $8.9 million, or $0.33 per fully diluted share, in the third quarter of fiscal 2019 compared to a net loss of $5.2 million, or $0.19 per fully diluted share, in the third quarter of fiscal 2018.
The company’s liquidity grew from $133.7 million last year at this time to $180 million this year.
“We are pleased with our third quarter results, which, as previously forecasted, reflect continued improvement in revenue, gross margins, and earnings per share,” said John R. Hewitt, President and Chief Executive Officer.
Storage Solutions segment revenue increased $57.5 million primarily as a result of increased tank and terminal construction work, and higher levels of repair and maintenance spending. Industrial segment revenue increased $39.3 million due to higher volumes of iron and steel work.
Oil Gas & Chemical segment revenue increased $14.2 million due to higher volumes of turnaround and maintenance work. Electrical Infrastructure segment revenue increased $2.3 million due to an increase in power generation package work, largely offset by reductions in power delivery and our strategic shift away from larger power generation EPC work.