Matrix Service Company Sets Date to Discuss Results for the Fourth Quarter and Fiscal Year Ended June 30, 2020; Announces New Reporting Segments
The Company will also discuss its decision to realign its reporting segments with the strategic direction of the Company.
Effective with the first quarter of Fiscal 2021, the Company’s financial results will be reported under the following three segments: Utility and Power Infrastructure; Process and Industrial Facilities; and Storage and Terminal Solutions. The services by each of these segments is described below.
“The reorganization of our segment reporting provides perspective in the ongoing changes in our clients’ end markets, growth areas where we are strategically focused, and better represents the long-term vision for the Company,” said
Services in New Reporting Segments
The Utility and Power Infrastructure segment includes services provided in power delivery and power generation, as well as natural gas utility peak shaving. In this segment, we will benefit from structural improvements made in our power delivery and generation business to meet the significant demand for upgraded North American electrical infrastructure. Growth is also expected as we continue to expand our industry leading position in clean energy, providing EPC services for LNG peak shaving facilities. We will also implement strategies to extend our geographic reach and provide new services including those that support demand for renewable power, grid connectivity, battery storage and data cabling and data centers.
The Process and Industrial Facilities segment includes front-end engineering design (FEED), engineering, maintenance, turnarounds and capital projects for the refinery industries; midstream natural gas processing; other industrial processing facilities including biofuels, fertilizer, and sulfur; mining and minerals infrastructure; and thermal vacuum chambers. As we extend these same services into chemical and petrochemical facilities, revenue will be reported in this segment.
The Storage and Terminal Solutions segment includes FEED, engineering, construction maintenance and repair for aboveground storage tanks and terminals; LNG facilities for import/export fueling and bunkering; NGL and other specialty vessels; aboveground storage tank products; and other renewable energy storage and terminal solutions. In this segment, the Company expects to benefit from continued growth in the demand for cleaner energy sources like LNG and hydrogen. The Company will also benefit from the delivery of existing services as demand for crude oil recovers and expansion of its international work in storage, terminal and import/export infrastructure in select international markets.
Across all three segments, the Company is increasing resources focused on providing services to the renewable energy industry, including hydrogen, biofuels, renewable natural gas, thermal energy storage, and molten salt energy storage.
The Company’s conservative approach to maintaining a strong financial position, affords us the ability to handle challenging periods such as that being experienced with COVID-19, and give us the ability to look for growth and diversification opportunities.
Earnings Conference Call instructions
The Company currently reports its financial results in four key operating segments: Electrical Infrastructure,
Effective with the first quarter of Fiscal 2021, the Company will report its financial results in three key operating segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.
With a culture driven by its core values of safety, integrity, stewardship, positive relationships, community involvement and delivering the best, Matrix has twice been named to
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This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the
Source: Matrix Service Company