Why Matrix Service Stock Rocketed 15% Higher on Tuesday

Energy and mining industry supplier Matrix Service (NASDAQ: MTRX) was a bright ball of energy on the stock exchange Tuesday. Its breaking news was a fresh set of quarterly earnings released Monday after the close of trading that featured a smashing beat on the bottom line. Investors rewarded the company by bidding its share price up by more than 15% on Tuesday, an attention-grabbing shift given the modest 0.5% gain of the S&P 500 index that trading session.In its fiscal 2024 fourth quarter, which ended June 30, Matrix Service booked just under $190 million in revenue. That was down from almost $206 million in the same period of its fiscal 2023. The company's non-GAAP (adjusted) net loss deepened but not by much, coming in at $3.9 million ($0.14 per share) against a year-ago deficit of $3 million. On average, analysts tracking the stock were expecting a higher revenue figure of just under $203 million. However, they were also modeling for a significantly deeper adjusted net loss of $0.21 per share. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool