Matrix Results Miss Estimate, Weak FY Guidance; Stock Plunges 17%

(RTTNews) - Matrix Service Co (MTRX) Wednesday reported fourth-quarter net earnings of $7.6 million or $0.28 per share compared with $7.4 million or $0.28 per share last year.

Revenues for the quarter surged 46 percent to $344.4 million from $235.6 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.36 per share on revenues of $354.2 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the full year 2015, the company expects earnings of $1.40 to $1.60 per share on revenues of $1.43 billion to $1.53 billion. Analysts expect earnings of $1.77 per share on revenues of $1.49 billion.

Matrix, based in Tulsa, Oklahoma, provides engineering, fabrication, infrastructure, construction, and maintenance services primarily to the energy, power, industrial, and mining markets.

Matrix stock dropped $4.83 or 16.58% at $24.30 in after-hours trade on the Nasdaq.