D.A. Davidson & Co. Sees Q4 Results Below Projections For Matrix Service Co

In a report published Thursday, D.A. Davidson & Co. analyst Tristan Richardson reiterated a Buy rating and $40.00 price target on Matrix Service Co (NASDAQ: MTRX).

In the report, D.A. Davidson & Co. noted, “Earnings of $0.28 per share compare with our estimate and consensus of $0.36 and were below management's implied guidance range of $0.29-$0.37. Results included lower than expected activity in the Oil Gas & Chemical segment only partly offset by higher than anticipated margins in Storage. Additionally, SG&A and the tax rate were slightly higher than expected. Fourth quarter results brought fiscal year 2014 earnings to $1.33 per share, compared with $0.91 last year. Notably, management's initial guidance given a year ago for FY14 called for $1.00-$1.15 per share.”

Matrix Service Company closed on Wednesday at $29.13.