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Matrix Service Appoints Dominic Savarino as CFO
Matrix Service announced the appointment of Dominic Savarino as senior VP and CFO, effective November 6. Savarino will be based in Houston and report directly to Shawn Payne, president and CEO. As CFO, Savarino will lead Matrix's finance and accounting organization, including investor relations, treasury, tax, FP&A, and financial reporting. Previously, Savarino held several executive leadership roles at McDermott International.
Matrix Service Awarded Storage Tank Design Contract by America First Refining
Matrix Service announced that America First Refining has awarded the company the front-end engineering and design of the storage tank farm for AFR's large-scale refining facility in Brownsville, Texas, a step for AFR in reaching Final Investment Decision. The AFR facility, the first new major refinery to be constructed in the United States in more than 50 years, is expected to process approximately 60M barrels annually of domestic crude.
Company Reports Q4 Revenue of $244.53M
Reports Q4 revenue $244.53M, consensus $247.04M. "Our fourth quarter results reflect the continued execution of our WIN, EXECUTE, DELIVER strategy. The combination of strong project execution, a more efficient cost structure, and a disciplined focus on the initiatives that matter most resulted in our second consecutive quarter of profitable growth," stated Shawn P. Payne, president and CEO. "Revenue grew 13% year over year as our teams converted backlog into higher volumes, led by specialty storage activity in our Storage and Terminal Solutions segment and continued strong execution in Utility and Power Infrastructure. At the same time, the leaner organizational structure we have built over the past 18 months has meaningfully reduced our fixed overhead costs, while enabling us to support a higher base of revenue with improved efficiency. We enter fiscal 2027 with a debt-free balance sheet and substantial liquidity to support our growth objectives in this next chapter."
Matrix Service CFO Kevin Cavanah to Depart After Fiscal 2026 Report
Matrix Service announced that Kevin Cavanah, VP of finance and CFO, will depart the company following the filing of the company's fiscal 2026 annual report. He will continue to serve in his role as CFO through that time to support an orderly transition. Matrix has retained an executive search firm to conduct a comprehensive search for its next CFO.
Matrix Service Expects Full-Year Revenue of $875 Million to $925 Million
"Looking to the second half of the fiscal year, we continue to expect improving profitability, driven by higher volumes in our Storage and Terminal Solutions segment. The business remains on track to achieve our full-year guidance of $875 million to $925 million of revenue," said John Hewitt, CEO of Matrix Service.
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