TULSA — Matrix Service Co. unveiled a new logo and corporate motto this year as it hopes to capitalize on the demand for energy infrastructure and services.
But its financial performance has needed no makeover. The Tulsa company's revenue and earnings growth boosted it to No. 6 on this year's list of best-performing public companies in Oklahoma, up from No. 19 last year.
Matrix had revenue growth of almost 19 percent and an increase of 135 percent in earnings per share in the last year, according to an S&P Capital IQ analysis for The Oklahoman.
“The energy markets have been very strong for Matrix Service Company,” said John R. Hewitt, president and chief executive officer. “We anticipate that the markets will remain robust for the coming years as more oil, gas and gas liquids are found, developed and the build out of logistics required to get these energy resources to market become a national focus.
“Downstream opportunities will remain strong as the North American energy supply drives strong operations and profits in refining and chemical markets.”
Matrix got its start as a tank repair company operating out of a Tulsa garage in 1984. It has since grown to more than 3,600 employees, including 750 people in Oklahoma. Matrix operates in four main segments: electrical infrastructure; oil, gas and chemical; storage solutions; and industrial.
“Our electrical infrastructure segment continues to provide solid margins and consistent work in the Northeastern region of the United States,” Hewitt said. “We are gaining a strong reputation in storm damage repair work across North America.”
Matrix has a fabrication yard in Catoosa that is heavily involved in the crude oil storage hub in Cushing. Nearly 90 percent of the tanks and storage facilities at Cushing were built by Matrix. The company recently was awarded a large tank package in Cushing to support the southern leg of the Keystone XL pipeline.
“Cushing remains an important market for us and we have multiple projects in Cushing currently ongoing, in backlog and on our radar,” Hewitt said. “In addition to our tank construction, we have engineering, industrial cleaning and repair and maintenance divisions based in Oklahoma.”
Matrix had a consolidated backlog of projects worth more than $497 million through June 30, the end of its 2012 fiscal year. Hewitt said the trend has continued in the early part of fiscal year 2013.
The company's rebranding was an effort to get away from a regional focus and bring its business units more in line with its North American market segments.
“Consistent with our heritage, the company was often perceived as only a tank contractor, despite the expansion of our services through organic growth and acquisition into many different disciplines,” Hewitt said. “We recently introduced the new brand identity, logo and tagline to better reflect these expanded capabilities and to complement our strategic growth plans.”
Matrix also is looking at possible acquisitions. Hewitt said the company has looked at more than 75 possible targets in the last year in three main areas: industrial cleaning; electrical infrastructure; and small construction firms.
“We are looking to achieve annual revenue growth of 12 to 15 percent over the next five years, and acquisitions will play an important role in achieving that growth,” Hewitt said. “We are currently and will continue to look for tuck-in acquisitions that complement our current business and will help accelerate the growth in some targeted markets.”