Thursday, Matrix Service Co. (MTRX) an industrial construction and maintenance services company, reported that its profit declined for the third quarter, ended February 28, 2009 due to capital expenditures and acquisitions. Further, the company revised its full year 2009 earnings outlook.
Matrix Service net income for the third quarter decreased to $4.2 million, or $0.16 per share, from net income of $6.0 million, or $0.22 per share for the previous year quarter.
On average, five Analysts polled by Thomson Reuters expected a profit of $0.26 per share on revenue of $157.51 million.
Consolidated revenues were $146.3 million in third quarter compared to $181.1 million in the previous year quarter. The company attributed the decline to significantly lower revenue from Construction Services segment, partially offset by an increase in the Repair and Maintenance Services segment. Revenues for the Construction Services segment were $79.9 million, down from $119.5 million in the same period a year earlier. Downstream Petroleum revenues were $28.3 million, compared to $39.7 million in the year earlier period. Electrical and Instrumentation revenues improved to $9.1 million from $4.7 million in the previous year.
Revenues for the Repair and Maintenance Services segment were $66.4 million, compared to $61.6 million in the year earlier period.
For the nine months ended February 28, net income increased to $23.8 million, or $0.90 per share, from $12.5 million, or $0.46 per share a year ago.
Consolidated revenues were $509.8 million in the nine months, a decrease of $27.4 million from consolidated revenues of $537.2 million for same period of fiscal 2008.
Looking ahead to the fiscal 2009, the company now expects earnings per share in a range of $1.10 to $1.25. Wall Street expects $1.34 per share, with estimates in the range of $1.30- $1.38 per share. Earlier, the company was looking for earnings of $1.35-$1.60 per share.
MTRX is currently trading at $7.52, down $1.04or 12.15% on a volume of 1.06 million shares on the Nasdaq.
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