Matrix Service Co. Revenue Up 16%, Beats Estimates (MTRX)

Tulsa, Oklahoma-based Matrix Service Company MTRX on Monday morning released financial results that beat Wall Street expectations. Matrix Service Company reported that its 2nd quarter net income rose to $5.3 million, or 20 cents per share, up from $4.5 million, or 17 cents per share, a year earlier. Matrix Service Company reported revenue of $175.25 million, up 16.6% from $150.43 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 17 cents per share, on revenue of $162.46 million. Chairman Michael J. Hall said, "We are pleased with the results for the quarter and the first half of fiscal 2011. We are also encouraged by the volume of bid activity and improving market conditions in both the Construction Services and Repair and Maintenance Services segments." Matrix Service Company (MTRX) ended the previous trading session at $11.12 per share. Analysts covering the company's stock have a consensus price target of $16.00 per share. Matrix Service Company provides engineering, construction and repair and maintenance services principally to the petroleum, petrochemical, power, bulk storage terminal, pipeline and industrial gas industries. Read more from Benzinga's Company news.